- BitGo launches a unified platform for Web3 token management and compliance.
- Major protocols like Worldcoin and Sui are already using BitGo’s new solution.
- BitGo is also the custodian for 21Shares’ US Spot Bitcoin and Ethereum ETFs and remains key in Wrapped Bitcoin (WBTC).
BitGo, a prominent cryptocurrency custodian based in the United States, has launched Token Management platform, a comprehensive digital asset management platform designed specifically for Web3 protocols.
This new offering, aimed at transforming how protocols handle token custody, distribution, and liquidation, promises to streamline the management of native tokens in a compliant and secure manner.
BitGo’s Token Management platform
The Token Management platform, as detailed in BitGo’s announcement, addresses the complexities and risks associated with Web3 token operations. It provides an end-to-end solution that encompasses token vesting, liquidity management, token unlocks, and staking.
By integrating these functions into a unified system, BitGo aims to eliminate the fragmentation and associated risks of using multiple, disjointed tools for token management.
The platform already supports major protocols such as Worldcoin, Sui, and LayerZero, highlighting its appeal to leading projects in the crypto space. Its automated processes are designed to offer a compliant, insured environment that upholds BitGo’s high standards of custodianship, thereby enhancing security and reducing the operational complexities faced by Web3 organizations.
BitGo diversification efforts
In addition to the new token management solution, BitGo has recently solidified its presence in the crypto ETF market.
21Shares has selected the firm to serve as the custodian for its US Spot ETFs, including the ARK Bitcoin ETF and Core Ethereum ETF. This role further underscores BitGo’s growing influence and its commitment to providing reliable custody solutions for institutional investors.
BitGo also continues to play a crucial role in the custody of Wrapped Bitcoin (WBTC), a token that facilitates Bitcoin’s participation in decentralized finance (DeFi). Despite recent controversies surrounding WBTC, including diversification efforts and the introduction of competing products like 21BTC, BitGo remains a key player in this space.
With its new platform and expanded services, BitGo is poised to offer innovative solutions that cater to the evolving needs of digital asset management and Web3 protocols.
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