- VeChain is teaming up with BitGo to bolster real-world adoption in its ecosystem.
- BitGo’s integration brings regulated custody and operational expertise to VeChain’s ecosystem, said aid Chen Fang, chief revenue officer at BitGo.
- VET price hovered around $0.0249 at the time of writing, with a potential to retest $0.05 amid upside momentum.
VeChain has announced a key partnership with BitGo, one of the leading digital asset custody and staking providers, in an effort aimed at bolstering real-world adoption on the VeChain network.
The partnership adds to recent traction for VeChainThor, which is poised to capitalize on BitGo’s expertise for a foothold in the rapidly expanding decentralized finance, tokenized assets and real-world utility market.
VET, the native VeChain token, rose slightly amid the news, although profit taking after recent upside momentum meant bears remain within striking distance.
VeChain joins forces with BitGo
In an announcement shared via X, VeChain said it was partnering with BitGo to leverage its infrastructure and expertise to boost its ecosystem.
Integration with BitGo is a major step for VeChain as it brings regulated custodian products to the blockchain platform.
This is set to open up VeChainThor and the VeBetter ecosystems to new opportunities, including in the rollout of institution-grade tokenized products and node/staking services.
VeChain will also benefit from custody solutions, with hot and cold wallet support offering advanced multi-sig and key segregation features available.
BitGo’s custodial services are also backed by regulated industry entities and benefit from an insurance coverage of up to $250 million.
“Institutional adoption depends on secure, scalable infrastructure,” said Chen Fang, chief revenue officer at BitGo. “BitGo is proud to bring regulated custody and operational expertise to VeChain’s ecosystem, supporting the next generation of tokenized products alongside other leaders currently entering their ecosystem.”
VeChain will tap into the same infrastructure and tools integrated by more than 2,000 clients across 90 countries.
Some of the household names leveraging BitGo’s suite of solutions include heavyweights Nike and SoFi.
“With financial institutions exploring blockchain with increasing fervour, VeChain, thanks to BitGo, can confidently meet their stringent needs, opening new avenues to collaborators that share our vision of a future powered by tokenization, RWA, and Web3,” VeChain wrote.
VET price outlook
Like in many other bullish announcements, this news has sparked optimism among VET holders. The potential for an upside flip for VeChain’s native token was signaled with the token’s rise to highs of $0.0255.
VET currently trades at $0.0249, with technicals suggesting a potential surge to highs of $0.05.
This outlook aligns with a breakout from consolidation at current levels, with BitGo and other integrations likely catalysts.
On the flipside, VET could dip to support around $0.024 before staging a rebound amid broader market momentum.
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