According to the latest reports, the 9th largest cryptocurrency Tron is going to get the exposure from institutional investors through BitGo. Palo Alto-headquartered BitGo is an institutional-grade cryptocurrency investment firm that will be providing wallet and custody support for Tron.
— Justin Sun (@justinsuntron) February 21, 2019
BitGo will be adding support for TRX later this year, making it available for the institutional investors. With this, Tron will join 100 other cryptocurrencies viz. Bitcoin, Litecoin, XRP, Ethereum, ERC20 tokens, Dash, and Zcash that are already supported by BitGo.
In response, Tron founder and BitTorrent CEO, Justin Sun took to Twitter to share, “TRON is making some serious advances on increasing TRX accessibility for institutional investors. Thanks to BitGo, institutions can now trade TRX in the U.S.!
Reportedly, BitGo is the world's largest processor of on-chain Bitcoin transactions while processing about $15 billion of all cryptocurrencies per month. The market leader in security, compliance, and custodial solutions for blockchain-based currencies, it has over $2 billion in assets under management.
“Thank you BitGo for supporting TRX and making TRX available for institutional investors! BitGo recently announced that it now offers a $100 million insurance coverage plan for all crypto assets under its custody,”
said Tron Foundation.
BitGo To Offer Crypto Insurance
Just recently, the company has shared its plans to offer insurance protection for cryptocurrencies and digital assets that are held in their Business Wallets and crypto custody offerings. The cover of $100 million USD has been made possible through Lloyd’s of London.
The clients of its Business Wallets will also be able to purchase theft insurance and Lost Key Cover under the purview of the Financial Conduct Authority (FCA), the UK’s financial services regulator.
“This is the most complete insurance offering in the industry. It is not always easy for some clients to understand under what circumstances their investments are insured and to what extent their loss would be covered. We are changing that by being more transparent than any other company about the terms of our coverage. Transparency and accuracy is essential for building trust in the market,” said Mike Belshe, the CEO of BitGo.
Back in January, the company also partnered with Bitcoin over-the-counter trading platform, Genesis Global Trading that allows clients to trade directly from BitGo custody. The partnership allows the clients of Bitcoin custody to execute internal settlements on the same day.