BitGo seeks to collaborate on future product development in real-world tokenization, settlement, and payment verticals
Wednesday, February 28, 2024 — BitGo Trust Company Inc., the leading digital asset trust and security company, has joined the Hedera Council to support innovation and invest in the future success of the Hedera network. BitGo launched in 2013, and with over 1500 clients globally across 50 countries, BitGo provides highly secure hot wallets and multi-jurisdictional regulated custodial cold wallets within a single platform and a unified API. Prior to today’s announcement, BitGo invested significant engineering and product time to add wallet-as-a-service and qualified custody support for the Hedera Token Service (HTS), and it already runs six mirror nodes on Hedera, the open source, leaderless proof-of-stake network.
Furthering its vote of confidence in Hedera, BitGo becomes the 32nd member of the Hedera Council, a set of diverse, collusion-resistant organizations and enterprises committed to network innovation, stability, and the continued decentralization of Hedera. Members of the Council run the initial network nodes and share an equal vote in the direction of Hedera's software and services.
Mike Belshe, Co-founder and CEO of BitGo, said: "There is immense value in a diversity of purpose-driven networks, which is why we remain steadfast in our support for Hedera as a network that will push the boundaries of use cases, product development, and performance limits. BitGo has played a leading role in Web3 since its inception, so we recognize that it takes many participants to come together to drive real change. We see significant opportunities for future product development with Hedera through our involvement with the Hedera Council, especially in the context of real-world tokenization, settlement, and payment verticals.”
BitGo, which provides institutional-grade security for digital assets, currently supports HTS tokens within its wallet platform. BitGo provides the security and operational backbone for more than 1500 institutional clients in 50 countries. This includes fortune 100 brands, over 200 crypto exchanges, governments, regulators, intergovernmental organizations, hedge funds, asset managers, venture capital firms, market makers, family offices, pension funds, and ultrahigh net worth individuals (HNWI). Through its continued relationship with the Hedera network, BitGo plans to explore future opportunities to expand offering support with the Go Network, its real-time USD and digital asset settlement network.
Bill Miller, Chair of the Membership Committee for Hedera, said: “BitGo has extensive expertise and real-world experience with product development and architecture, governance, regulations, tokenomics, and go-to-market strategy, which they will bring to the Hedera Council and the wider Hedera ecosystem. Beyond this, BitGo is an important name in the industry, and is a project suitably aligned with the Hedera vision for security, scalability, speed, and sustainability. We’re excited to see how the relationship between Hedera and BitGo unfolds in light of today’s news.”
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About BitGo
BitGo provides the most secure and scalable wallet solutions for the digital asset economy, offering regulated custody, staking and trading, and core infrastructure to investors and builders alike.
Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets and established BitGo New York Trust in 2021. In 2022, BitGo launched institutional-grade staking, DeFi, NFT and Web3 services. BitGo secures approximately 20% of all on-chain Bitcoin transactions by value and supports more than 700 digital assets within its platform. BitGo provides the security and operational backbone for more than 1500 institutional clients in 50 countries, including many regulated entities and the world's top cryptocurrency exchanges and platforms.
BitGo is backed by Goldman Sachs, Craft Ventures, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. For more information, please visit http://www.bitgo.com.
About Hedera
Hedera is an open source, leaderless proof-of-stake network. Hedera’s robust ecosystem is built by a global community, on a network governed by a diverse council of industry-leading organizations, including abrdn, Australian Payments Plus, Avery Dennison, BitGo, Boeing, Chainlink Labs, COFRA Holdings, DBS Bank, Dell, Dentons, Deutsche Telekom, DLA Piper, EDF (Électricité de France), Google, Hitachi America, IBM, the Indian Institute of Technology (IIT), LG Electronics, The London School of Economics (LSE), Magalu, Mondelēz International, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, Ubisoft, University College London (UCL), Wipro, WorldPay, and Zain Group.
For more information, visit www.hedera.com, or follow us on Twitter at @Hedera, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.
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