Tuesday, February 18, 2025

BitGo Unveils Regulated Custody Platform for Native Protocol Tokens

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Originally published on: September 16, 2024

BitGo, a leading cryptocurrency custodian based in the United States, has launched an innovative and regulated platform tailored to safeguard and manage native tokens for Web3 protocols. This groundbreaking initiative was unveiled by BitGo in a statement shared with Cointelegraph on Sept. 16.

The newly introduced custody platform provides a seamless solution for crypto-native organizations, such as foundations and protocols, to effectively manage native tokens for distribution to investors, employees, grant recipients, and other key stakeholders. This move further solidifies BitGo’s position as a trusted custodian within the cryptocurrency industry.

While regulated digital asset custodians are becoming increasingly popular among investment managers and fund issuers in the US, Web3 protocols typically opt to self-custody tokens using onchain wallets or smart contracts. BitGo aims to bridge this gap by offering a secure and compliant alternative that enhances transparency and overall token management efficiency.

With a focus on comprehensive security measures, BitGo insures crypto holdings against potential instances of loss or theft, providing clients with a sense of confidence in their investments. This commitment to safeguarding digital assets highlights BitGo’s dedication to ensuring the protection and integrity of its clients’ funds.

The newly introduced token management platform is designed to streamline various processes related to token management, including vesting, unlocking, distribution, staking, liquidity management, and tax reporting. By offering an all-encompassing solution, BitGo aims to simplify the complexities associated with managing native tokens for Web3 protocols.

In a landscape where cybersecurity threats are prevalent, BitGo’s custody services offer a reliable and secure option for crypto organizations seeking to mitigate risks associated with self-custody. By leveraging the expertise and advanced security protocols of BitGo, clients can minimize exposure to potential threats and ensure the safety of their digital assets.

As the cryptocurrency landscape continues to evolve, regulated custodians like BitGo play a crucial role in providing clients with peace of mind and security. By offering a fully insured custody platform with robust security measures, BitGo sets a new standard for protecting digital assets in an increasingly complex and dynamic marketplace.

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