BitGo Launches First NFT Comprehensive Custody Solution for US Institutions
BitGo, the leading digital asset custody, liquidity and security provider, today announced the launch of their non-fungible tokens (NFT) hot wallet and custody solution.
This is the first US qualified custody solution that can be paired with hot wallets for the NFT industry, providing marketplaces, retail platforms, and NFT portfolio holders with the guardrails needed to participate in the NFT ecosystem. This allows clients to interact with a variety of decentralized marketplaces, including OpenSea, Looks Rare, ArtBlocks, Gem, Rarible, and more.
Leveraging multi-signature security and 24/7/365 withdrawal access and support, BitGo enables the company’s 700 institutional clients to securely receive, hold, and send NFTs. It’s compatible with the ERC-721 and ERC-1155 protocols, as well as Crypto Punks.
As the NFT market continues to develop and mature
As the NFT market continues to develop and mature, it is essential for institutions, creators, and investors to store their valuable assets with confidence. Various recent hacks and phishing attacks make this one of the most important issues to solve for fueling growth and innovation across the NFT ecosystem.
“The NFT space has seen massive growth in the past year along with an increasing set of use cases and applications. More builders are solving real world problems and more investors are participating. What’s been missing is the institutional infrastructure to protect these digital assets and their owners,” said Mike Belshe, CEO of BitGo. “Since 2013, BitGo has been dedicated to serving institutional investors and enterprises looking to safely hold digital assets. We were instrumental in building out the guardrails that helped the industry get to this point and now it’s time we do the same for NFTs.”
“The whole Parallel team is excited to partner with BitGo on their new NFT custody solution, as we believe their product’s goals align with that of our own OMNI NFT Money Market,” said Yubo Ruan, Founder of Parallel Finance. “The trust of our users and the security of their NFTs is a top priority for us, and BitGo shares the same views about their users. Through our partnership with BitGo, our NFT money market has the highest level of security in the space.”
BitGo is the first digital asset company that has been focused exclusively on serving institutional clients since 2013. BitGo provides institutional investors with custody, liquidity, and security solutions. Active in both centralized and decentralized finance, BitGo offers market leading trading, lending, and borrowing services through its prime brokerage services and acts as the custodian for WBTC, the leading global stablecoin for Bitcoin.
In 2020, BitGo launched BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes approximately 20% of all global Bitcoin transactions, and supports over 500 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries.