PALO ALTO, Calif.--(BUSINESS WIRE)--BitGo, the leader in digital asset financial services, announced today that it has launched the first institutional-grade wallet solution, providing on-chain, multi-signature security for Hedera’s HBAR token through its affiliate BitGo Inc. Additionally, BitGo Trust will provide insured, cold storage custody solutions for Hedera.
The onboarding of Hedera brings BitGo to over 300 coins and tokens, making it the largest collection of digital assets available on the market today.
BitGo enables businesses to integrate digital assets into their portfolios securely and at scale with 100% multi-signature technology. BitGo pioneered multi-signature security in 2013, and since then, it has become an industry standard for security of digital wallets. Multi-signature is an open source protocol, and has been through thorough testing and evaluation by the security community. Multi-signature makes use of distinct private keys specifically assigned to individuals for increased accountability, transparency and security not available through other technologies.
“BitGo is providing institutional investors a way to store and secure the latest and most innovative digital assets available on the market today with a single, seamless, unified wallet platform,” said Pete Najarian, Chief Revenue Officer, BitGo. “Our technical teams work closely with the development teams of emerging digital asset companies like Hedera to develop their first multi-signature institutional grade wallets. In the future we look forward to supporting asset issuers in the Hedera ecosystem as well.”
Hedera Hashgraph is a public distributed ledger for building decentralized applications, and aims to resolve four fundamental issues preventing mainstream market adoption of public blockchain and other decentralized ledger technology — performance, security, stability, and governance. HBAR is the native cryptocurrency of the Hedera public network. Hbars are used to power decentralized applications, build peer-to-peer payment and micropayment business models, and protect the network from malicious actors.
“BitGo’s custody solutions are trusted by leading institutions and exchanges globally. We are pleased that they have chosen to offer multi-sig wallet and custodial services for HBAR, further expanding our ecosystem and the ability for organizations to use HBAR to conduct transactions globally,” said Azeem Malik, VP of Global Business Development for Hedera.
Hedera is a decentralized public network on which developers can build secure, fair applications with near real-time finality. The platform is owned and governed by a council of the world's leading organizations including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group. For more information, visit www.hedera.com, or follow us on Twitter at @hashgraph, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.
BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions. In 2020, BitGo launched Prime Trading and Lending, as well as BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes over 20% of all global Bitcoin transactions, and supports over 300 coins and tokens. BitGo’s customer base includes the world's largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. For more information, please visit https://bitgo.com.
The information in this press release is not an offer to sell or solicitation of an offer to buy an interest in any investment or for the provision of any investment management or advisory services. Custody services are offered through BitGo Trust Company, a South Dakota chartered trust company. BitGo is not registered with the SEC as an investment advisor or custodian, and does not offer legal, tax, investment, or other advice.
Digital asset holdings involve a high degree of risk, and can fluctuate greatly on any given day. Accordingly, your digital asset holdings may be subject to large swings in value and may even become worthless. Please consult your legal/tax/investment professional for questions about your specific circumstances.
BitGo Trust Company, BitGo Inc., and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA.