Crypto Wallet, BitGo, Adds Staking and Custodial Services for Tezos Native Token ‘XTZ’
The California-based crypto custodian, BitGo, has added staking and custodial services for the XTZ token, having confirmed this progress on July 24. XTX, which is the native token for Tezos blockchain, joins other digital assets such as DASH and ALGO, which had already been onboarded by BitGo.
All of its tokens are based on a proof-of-stake consensus, which allows contributors to earn by lending their resources for network support in functions such as validating the blocks. The XTZ addition on BitGo will see prospects who stake it within BitGo's hot and cold wallets, earn up to 6% in annual returns.
With only a few months in the staking arena, BitGo has made significant progress with the XTZ $2.4 billion market cap expected to add on the custodian's weight in this niche. It has since confirmed that more Tezos blockchain-based tokens will be integrated within its ecosystem in the future.
BitGo Shining in 2020
The addition of XTZ is only but a minor to up to BitGo's milestones this year. Towards the end of May, the firm launched a brokerage service dubbed ‘BitGo Prime' whose niche is institutional investors. It has also extended it's crypto custodial services to India, having acquired the country's largest exchange ‘COINDCX' as one of their clients.
Another highlight is the compliance of the FATF Travel Rule, where BitGo is already coming up with industry-standard solutions for sharing senders' information. On this end, BitGo extended its API's its customers to append their data as stipulated by the FATF guidelines in recommendation 16.
It also upgraded the API's to be compatible with the IVMS101, a universal language that has been developed by VASP providers for seamless information sharing regardless of the operational protocol.