BitGo Blockchain Asset Custody Provider Adds Digix’s Gold-Backed Crypto Token DGX Support


BitGo Now Officially Supports Digix’s Gold-Backed Alt-Currency

In another piece of welcome news for the crypto sector at large, it has now come to light that crypto wallet provider, BitGo, has recently partnered with Digix to bring its gold backed stablecoin ‘DGX’ onto its native service platform.

With this move, BitGo will be able to offer crypto enthusiasts with a gold-backed token offering that is independent of all the crazy price swings that regular alt-assets are subjected to (on a near daily basis). Not only that, by integrating Digix’s novel offering, BitGo will also effectively deepen the liquidity of its ecosystem.

More About Digix

Simply put, Digix looks to digitize physical gold assets in a manner that is not only secure but also completely trustless. This is primarily achieved by “backing every DGX by one gram of gold from London Bullion Market Association-approved refiners”. If that wasn't’ enough, the token is also fully auditable (thus providing customers with amazing real-time transparency).

Last but not least, the physical gold that is pegged with DGX can be redeemed by the holder at any given time.

Why is BitGo Becoming So Popular?

In recent months, BitGo’s patented multi-signature wallet has received a lot of attention from institutional clients since it offers them with a high level of security, whilst providing access to 85 different digital currencies.

Not only that, the application’s programming interface also provides clients with access to the platforms’ underlying security layer— thus allowing for amazing protection from hackers, third party intruders. Lastly, BitGo’s multisig e-wallet requires each and every transaction to obtain at least two or more signatures before it can be executed. For additional security, customers also have the option to ‘set spending limits as well as corporate treasury policies’ on the account.

Final Take

While originally starting off as a Bitcoin wallet service, BitGo has since evolved and now provides support for almost all of the major alt-currencies available in the market today. However, as per a statement released by company representatives earlier last month, BitGo is all set to add support for a plethora of new alt-coins in the coming future.

On the matter, Kai C Chng, CEO of Digix, had the following words

“We are proud to announce that DGX is integrated into BitGo’s Digital Currency Support with Enterprise Access. BitGo is the market leader in institutional-grade cryptocurrency security and custodial services, with integrations to some of the largest virtual currency players and exchanges.”

Also worth noting is that, during September, BitGo was able to raise a whopping $15 Mln through its fundraiser campaign. The primary donors included Goldman Sachs and Galaxy Digital (a venture founded by Mike Novogratz).

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