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BitGo Rolls Out NFT Hot Wallet & Custody Solution

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BitGo, digital asset custody, liquidity, and security provider, launched its first US-qualified non-fungible token [NFT] hot wallet and custody solution.

According to the announcement post, the new custody provider allows users to interact with a variety of decentralized marketplaces, including OpenSea, Looks Rare, ArtBlocks, Gem, Rarible, and so on.

“Leveraging multi-signature security and 24/7/365 withdrawal access and support, BitGo enables the company’s 700 institutional clients to securely receive, hold, and send NFTs. It’s compatible with the ERC-721 and ERC-1155 protocols, as well as Crypto Punks,” the press release read.

The NFT industry has taken massive strides in the crypto market despite gaining mainstream status for about a year. Throughout 2021, its growth was nothing short of phenomenal, making ordinary people overnight millionaires.

But in the recent crypto market meltdown, so many sectors in the market have taken a beating, be it in price or in community support. However, NFTs have relatively fared well as evident from their trading volume growth levels.

Despite widespread FUD, it has at least not got stagnated as feared. For instance, at the beginning of June, the NFT market volume stood at $62.2 billion. Now, this volume has risen to almost $63.4 billion.

Although the increase is marginal and not significantly large, it goes to show how investors are looking at the sector during this turbulent time. NFT collections continue to record notable daily sales across the various marketplaces.

Echoing similar sentiments, Mike Belshe, CEO of BitGo said,

Since 2013, BitGo has been dedicated to serving institutional investors and enterprises looking to safely hold digital assets. We were instrumental in building out the guardrails that helped the industry get to this point and now it’s time we do the same for NFTs.

BitGo Process 20% Of All Global Bitcoin Transactions

Per its website- www.bitgo.com, the crypto firm offers trading, lending, and borrowing services and acts as the custodian for WBTC, the leading global stablecoin for Bitcoin.

On top of that, BitGo processes roughly 20% of all global Bitcoin transactions and supports over 500 coins and tokens. Its customers include cryptocurrency exchanges and institutional investors from over 50 nations around the globe.

Matrix taps BitGo’s custody solution, bringing top-tier security to its trading platform

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Matrix, a virtual assets trading platform serving investors around the world, partners with BitGo, a leader in digital asset financial services. Through the partnership, BitGo will provide Matrix with a wide array of custodial services, including hot- and cold-storage capabilities to protect traders on its platform.

The global cryptocurrency market is expected to explode to $4.94 billion by 2030, more than three times its estimated size of $1.49 billion in 2020, according to a recent report by Allied Market Research. The UAE is steadily catching up to Western countries in terms of participation in the virtual asset ecosystem.

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Matrix taps BitGo’s custody solution, bringing top-tier security to its trading platform 2

Matrix is fully compliant with the Abu Dhabi Global Market (ADGM) virtual asset framework and is spearheading the push for virtual asset adoption in the region with its secure and user-friendly platform. Matrix will use BitGo’s custody solution to offer virtual-asset traders a variety of options, including a multi-signature bitcoin wallet service. At a time when the virtual asset community is massively growing, especially among first-time traders, it is critical to provide users with a service that is safe, trustworthy, and convenient to use.

“We are thrilled to be working closely with BitGo, one of the most respected and biggest custodians in the industry,” says Vasja Zupan, President of Matrix. “The partnership with BitGo comes at an exciting time and offers our users the highest quality service when entering the virtual assets industry.”

“We are constantly expanding in the Middle East and specifically in the UAE, a hidden gem with an innovative virtual asset landscape,” says Mike Belshe, CEO of BitGo. “We look forward to offering users first-class service, and by partnering with a distinguished trading platform such as Matrix, we are cementing our foothold in the region.”

About Matrix

Matrix, a regulated virtual asset Multilateral Trading Facility (MTF) and Custodian in the Abu Dhabi Global Market (ADGM), is dedicated to providing a compliant, secure, and fast virtual asset trading experience. Users of Matrix can be assured of their AML/KYC compliance and regulatory oversight. Additionally, Matrix’s offline storage, multi-node disaster tolerance, remote disaster recovery, and multi-server switching ensure the stability and reliability of the trading system. Matrix is one of the few global trading venues providing support for global fiat deposits, enabling faster trading.

About BitGo

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.