BITGO ADDS NEW STABLECOIN DUE TO DEMAND FROM INSTITUTIONAL CLIENTS

Developer of cryptocurrency wallet and other custodial solutions BitGo now provides storage services for 101 blockchain assets.

As the company stressed, the last wave of assets added to its platform included USD Coin (USDC) and Gemini Dollar (GUSD) stablecoins, which became an addition to the previously integrated Dai (DAI), Paxos Standard Token (PAX) and TrueUSD (TUSD).

BitGo reported that the addition of all new assets contributed to the demand for them from institutional customers. In April, BitGo launched support for ERC20 tokens and added 57 different assets in July.

According to the technical product Manager of BitGo  Isaac Eleftheriadis, internal data on API requests showed that in the period from October 9 to November 9, customers of BitGo 151 768 times searched for TUSD, 137 649-USDC, 28 894-Dai. Typically, these requests are sent to gain access to wallets and transaction history.

Vice President of marketing Clarissa Horowitz said that during the year the number of supported BitGo assets increased from 8 to 101, the staff doubled and exceeded 100 people, and institutional customers now there are about 300.

In September BitGo received permission from U.S. regulators for the provision of the service of a qualified repository of digital assets.