To efficiently mitigate critical custody risk, organizations such as asset management companies or trading platforms require sophisticated processes to ensure long-term safekeeping, including covering many unexpected scenarios.
We’re therefore excited to announce that BitGo will be offering qualified and insured custody services for eGold. This will make the Elrond token eligible for adoption by institutional investors and platforms operating under strict regulatory compliance regulations.
BitGo is the world’s first and most secure and compliant digital asset custody solution. It pioneered multi-signature security and now provides security, compliance, custodial, and liquidity services for 300+ institutional custody customers and 150+ cryptocurrency exchanges.
Its assets are covered by a $100 million dollars policy, that can be extended up to $500 million, and which covers third-party hacks, private key mismanagement, dishonest internal behavior or natural disasters.
The short term collaboration will focus on custody services for ERC20 EGLD tokens, to speed up integration and unlock important next steps in Elrond’s strategic hypergrowth roadmap. Conversion of ERC20 EGLD tokens into native EGLD tokens will be possible through our soon to be announced token bridge. Native EGLD custody services will follow at a later time.