BitGo Integrates Tron’s TRX Into Its Hot Wallets And Custody Service, Rolling Out In November
BitGo recently announced that they will support TRX in it's hot wallet and custody solutions in early November. The founder of Tron, Justin Sun has announced that the partnership will see the network delve into the DeFi applications.
“We are excited to be supported by BitGo, which will enable TRON to further delve into various DeFi applications and we welcome them as a partner.”
— BitGo (@BitGo) October 14, 2019
More specifically, the company has officially confirmed they will add another cryptocurrency to its services in the near future. That currency will come in the form of Tron or TRX. The choice for this particular currency is rather intriguing, primarily because Tron has not necessarily seen any institutional interest to date. Then again, there are more currencies than just Bitcoin, Ethereum, and XRP.
There has been a growing interest among clients who want to see custodial support for TRX. It remains to be seen which kind of use cases this will unlock over time, as there are many different opportunities to explore.
Benedict Chan, CTO of BitGo says:
“We worked with TRON’s development team to develop their first multi-signature, institutional-grade wallet. TRON’s move towards on-chain, multi-sig opens the door for financial services clients who demand the highest levels of security.”
The BitGo team had a previous collaboration with Tron’s developers, as they helped build the first institutional-grade mutisig wallet. The move to on-chain multisig is rather logical. BitGo is also opening up its custody services for any other parties having Tron (TRX). Some of these could be exchange companies, prime brokers and even futures platforms.