Institutional-Focused Bitcoin Exchange LGO Markets To Launch Hardware Wallet This Quarter
Hardware Wallet To Be Launched By LGO Markets In Q2
LGO Wallets is one of the most recently launched Bitcoin exchanges, offering services that could entice institutional traders. In news earlier today, crypto custodian BitGo announced a partnership with LGO in an effort to provide custodial solutions, considering all the work that the exchange has been doing to create the platform as a helpful place for institutional investors.
After launching last month, the LGO platform has been touting its services as a one-of-a-kind exchange, letting clients have control over their coins without the need for a wallet on the exchange. With the multi-signature wallet that clients can now open, there are three keys involved. Two keys are needed before a transaction can be sent. However, the three keys are divided between the client, LGO, and the Altcoinomy clearing service provider.
With all of the technology that LGO has been borrowing from other companies, the launch of its own hardware instead makes it easy for clients to choose how to store the keys. The device looks much like a credit card, featuring an embedded microchip, though it is not planned to be launched until sometime in the second quarter of the year.
CEO Hugo Renaudin of LGO explained that the key is both created and stored in these cards, which prevents it from being retrieved from anyone trying to attack the wallet. The keys with LGO and Altcoinomy “are linked to a computer script scored in the same respective smartcard.” As such, the use of the keys must be authenticated by the owner of the account.
Today, LGO’s news of a collaboration between themselves and BitGo was released on The Block, making it easy to offer both custody solutions and multi-sign wallet services to their clients. This month, BitGo will also be offering the LGO Token, which was already sold during a February 2018 initial coin offering (ICO). Ultimately, the tokens will be used for the coverage of trading fees that clients incur on the exchange with their activities.
The CEO of BitGo, Mike Belshe, said that both his company and LGO are focused on helping institutional investors, adding that their “vision is aligned” for the decentralized crypto market.