To efficiently mitigate critical custody risk, organizations such as asset management companies or trading platforms require sophisticated processes to ensure long-term safekeeping, including covering many unexpected scenarios.
We’re therefore excited to announce that BitGo will be offering qualified and insured custody services for eGold. This will make the Elrond token eligible for adoption by institutional investors and platforms operating under strict regulatory compliance regulations.
“The scarcity and robust economics of eGold have made it an attractive option for investors. Thanks to the collaboration with BitGo, eGold now satisfies all necessary criteria for regulated institutional investors, and is to be integrated into platforms adhering to strict regulatory standards” said Beniamin Mincu, Elrond CEO.
BitGo is the world’s first and most secure and compliant digital asset custody solution. It pioneered multi-signature security and now provides security, compliance, custodial, and liquidity services for 300+ institutional custody customers and 150+ cryptocurrency exchanges.
Its assets are covered by a $100 million dollars policy, that can be extended up to $500 million, and which covers third-party hacks, private key mismanagement, dishonest internal behavior or natural disasters.
The short term collaboration will focus on custody services for ERC20 EGLD tokens, to speed up integration and unlock important next steps in Elrond’s strategic hypergrowth roadmap. Conversion of ERC20 EGLD tokens into native EGLD tokens will be possible through our soon to be announced token bridge. Native EGLD custody services will follow at a later time.
Read the official press release: http://www.digitaljournal.com/pr/4918882
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
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.