BitGo an institutional-grade crypto security and custody service firm, announced on Wednesday, February 20, that it will provide support for Tron (TRX) cryptocurrency.
In its statement shared with Smartereum, BitGo stated that it will include support for Tron (TRX) to its cryptocurrency wallet services for institutional investors later this year.
The chief technology officer at BitGo, Benedict Chan explained that the move is in line with the demands of its clients. “Institutional investors want a wallet provider and custodian who can support a full range of digital assets so adding support for TRX later this year is an important step,” Chan said.
He explained further:
“BitGo is the only institutional digital asset company with a full product offering, from high-volume wallet platform to regulated custody services. Institutional investors are responsible for other people’s assets, and that requires the highest levels of security and regulatory compliance. BitGo will provide that for TRX.”
BitGo is regarded as one of the leaders in crypto security and custody services for institutional investors. The firm already supports over 100 coins and tokens and has over $2 billion in assets in its wallet for its clients all over the world.
As Smartereum reported earlier this week, BitGo announced a comprehensive cryptocurrency insurance coverage for digital assets under its custody. The coverage which is underwritten by Lloyd’s of London insurance market will provide up to $100 per incident including third-party hacks, copying, or theft of private keys, and insider theft.
Last month, BitGo partnered with cryptocurrency trading platform Genesis Global Trading to introduce cold wallet trading for its OTC trading clients. The arrangement allows clients to trade cryptocurrency directly from BitGo custody without moving funds to an online wallet.
Tron’s CEO and founder Justin Sun noted that the partnership with BitGo will let institutional investors trade Tron (TRX) with “confidence”.
“As TRON and its subsidiary BitTorrent work toward our vision of creating a new internet economy that is fast, secure, and cost-effective, we need to work with the companies that can provide that secure foundation. With BitGo, TRX investors will have the most secure wallet and custody options.”