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Cryptocurrency custodian and security firm BitGo has announced that it has added support for four stablecoins including CENTRE USD (USDC), Gemini Dollar (GUSD), Paxos Standard Token (PAX), and TrustToken’s TrueUSD (TUSD).
With this, the company said it has surpassed its goal to reach 100 coins and tokens by the end of 2018. While BitGo multi-signature wallets supported only 7 coins at the beginning of this year, the startup now delivers multi-signature security for over 100 coins and tokens in its wallet and custody offerings.
In its official release, the company explained that it decides which cryptocurrencies to support based on demand from institutional clients. In April, BitGo launched support for ERC20 tokens. In addition to multi-signature wallet security, it provides clients with the option to have their assets held by BitGo Trust Company, the first qualified custodian purpose-built for digital assets.
“BitGo is the first multi-signature wallet platform with support for such a wide offering of highly traded digital currencies,” said Ben Chan, CTO, BitGo. “Institutional investors and exchanges appreciate the scalability and security that our single, unified API provides. Our clients want to hold and trade a wide array of currencies - that’s why we set the goal of delivering support for 100 coins and tokens by the end of 2018.”
In addition, BitGo recently worked with a community of network partners to launch Wrapped Bitcoin (WBTC) – an ERC20 token backed 1:1 with Bitcoin. BitGo said it will be the custodian for the initiative.
Founded in 2013, BitGo raised $42.5 million in a Series B funding round last year led by Valor Equity Partners with participation from David Sacks, Bill Lee, and DRW.
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