BitGo has announced that it will be supporting 57 more Ethereum assets. The company has announced that it is expanding its custody services so as to address the increasing demand for private keys. BitGo will seek to increase the capacity of its custody products and services as well as support services.
This is a very big move in addressing security in the blockchain sector. Additionally, it is a clear indication of how the sector is evolving in the midst of a competitive environment.
Since its establishment in 2013, BitGo has grown to become one of the leaders in the blockchain sector and manages wallets for several crypto exchanges. Currently, the company has limited its operations to the service of large established coins like Ethereum and Bitcoin.
BitGo has developed a platform that facilitates transactions between several parties like exchanges, marketplaces and e-commerce players. According to Benedict Chan, the Chief Technology Officer at BitGo, there has been an increase in demand for custody services. The increase, he says, has been especially high among institutional investors.
In a bid to increase its operations, Robin Verderosa, the Vice President of Marketing at BitGo says the company will be seeking to obtain a BitLicense in South Dakota and New York. This way, the company says it will be able to offer more custodial services as well as add over 100 digital currencies by the end of 2018.
Over the years, the company has been put in place measures to improve the quality of services it offers its customers. BiGo has announced that it will be adding new tokens and coins in the course of this year. Last year, the company added Bitcoin Cash, Ripple, Ether, Litecoin and Royal Mint Gold to its platform.
BitGo may not be the only one capitalizing on institutional custody services. Other companies like Coinbase, Japanese bank Nomura and Swiss startup Smart Valor have also introduced licensed crypto storage solutions.
The addition of Ethereum will be a big move for the company as it seeks to position itself as a leader in the blockchain sector.