BitGo releases a full custody tool for Web3 coins.
BitGo revealed a state-of-the-art custody platform that keeps native tokens for Web3 protocols safe and handles them. BitGo released its brand-new platform on September 16. It provides a safe space for crypto-native companies to manage their coins and easily give them to workers, investors, and other important people.
BitGo makes it easier to handle tokens.
BitGo’s new platform solves the problems that come with standard self-custody methods, which usually involve putting together different tools for managing wallets, distributing coins, and keeping them safe. The platform makes these tasks easier by providing a single solution for coin vesting, unlocking, distribution, staking, managing liquidity, and tax reports.
BitGo wants to get rid of the problems and security holes that come with having separate currency handling systems by combining these functions. Not only does this method improve speed, it also makes sure that rules are followed and information is clear.
Better insurance and security
Because BitGo’s platform cares about security, it insures assets up to $250 million while they are in its care. This insurance covers loss, theft, and abuse, adding an extra layer of safety in a world where self-custody often leaves users open to online threats and possible wrongdoing within the company.
Recent high-profile events, like the hacking of the DeFi protocol DeltaPrime and the absence of BaseBros Fi, show how important it is to have strong security solutions. BitGo’s platform hopes to fix these problems by providing a safe and controlled space for handling digital assets.
Regulatory Compliance and the Effects on the Industry
Regulated caretakers like BitGo are becoming more important as the U.S. Securities and Exchange Commission (SEC) keeps an eye on crypto investment managers. The platform is part of a larger trend of putting crypto assets in the hands of institutions. It joins U.S. companies like Coinbase Custody Trust, Fidelity Digital Asset Services, and Paxos Trust Company in offering safe, legal services for crypto assets.
BitGo’s new custody platform is a big step forward in the growth of managing digital assets. It provides a complete solution that makes things easier and safer for Web3 protocols. By giving everyone a single tool to handle their tokens, BitGo raises the bar for how quickly and reliably the crypto industry works.
