PALO ALTO, July 23, 2020 -- Today BitGo, the leader in digital asset financial services, announces enterprise-grade support for the Tezos blockchain’s native cryptocurrency, XTZ in BitGo’s hot wallets and qualified custody.
Institutional investors who hold XTZ with BitGo will also be able to generate block rewards through staking. Launched last year, BitGo’s service generates staking rewards, while client assets remain in secure, insured cold storage. The new offering with XTZ is available for both hot wallets and cold storage.
XTZ support will be available in BitGo’s web user interface and via the application programming interface to all of BitGo’s enterprise customers. Additionally, BitGo is working to support Tezos-based tokens, which will be announced in the coming months.
Tezos is a decentralized, public blockchain that evolves by upgrading itself. Its features include a liquid proof of stake consensus mechanism, formal verification - which lets developers verify the correctness of their code before execution - and an on-chain governance mechanism that allows stakeholders to vote on changes to the protocol. The block creation and verification process on Tezos, called "baking" allows XTZ holders who stake their tokens to receive additional XTZ as a reward for creating and verifying blocks.
“Tezos is one of the most promising projects in the blockchain space with its focus on governance, quick confirmation times, staking and security,” said Pete Najarian, Chief Revenue Officer, BitGo. “Our teams found that Tezos integrated easily into BitGo’s platform as security, trust and verification are core to our mission of building trust in digital assets”
BitGo offers security, compliance, and custody solutions utilizing multi-signature wallets supporting over 250 coins and tokens. Given Tezos protocol’s reputation for security, reliability, and non-contentious protocol upgrades, the integration with BitGo provides the right foundation for even greater adoption.
All cryptocurrencies supported by BitGo are integrated using the company’s single API. No additional coding is required for newly added coins and tokens. For more information about BitGo solutions, please contact email@example.com.
BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions. In 2020, BitGo launched Prime Trading and Lending, as well as BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes over 20% of all global Bitcoin transactions, and supports over 250 coins and tokens. BitGo’s customer base includes the world's largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. For more information, please visit https://bitgo.com.
Custody services are offered through BitGo Trust Company, a South Dakota chartered trust company. BitGo is not registered with the SEC, and does not offer legal, tax, investment, or other advice. Please consult your legal/tax/investment professional for questions about your specific circumstances.
Tezos is a decentralized, public blockchain that evolves by upgrading itself. Stakeholders of the Tezos network vote on amendments to the protocol to reach social consensus on proposals, creating a secure and organic upgrading mechanism. The protocol's on-chain governance system, Proof-of-Stake (PoS) consensus algorithm, and ability to facilitate formal verification of smart contracts, make Tezos an ideal long-term solution for high-value financial applications such as digital securities. For more information on Tezos, please visit: https://tezos.com/.