BitGo Launches First NFT Comprehensive Custody Solution for U.S. Institutions
Providing the guardrails for a new class of investors to hold NFTs in a safe and secure way
PALO ALTO, CA, June 22, 2022 — BitGo, the leading digital asset custody, liquidity and security provider, today announced the launch of their non-fungible tokens (NFT) hot wallet and custody solution.
This is the first U.S. qualified custody solution that can be paired with hot wallets for the NFT industry, providing marketplaces, retail platforms, and NFT portfolio holders the guardrails needed to participate in the NFT ecosystem, where clients can interact with a variety of decentralized marketplaces, including OpenSea, Looks Rare, ArtBlocks, Gem, Rarible and more.
Qualified custody through the BitGo Trust Company for both ERC-721 and ERC-1155 is a US-first product offering the security and infrastructure needed to safely hold NFTs with hot wallet solutions. Through BitGo’s NFT wallet solution, clients are able to receive, hold, and send NFTs. Leveraging multi-signature security and 24/7/365 withdrawal access and support, BitGo enables the company’s 700 institutional clients to securely receive, hold, and send NFTs.
As the NFT market continues to develop and mature, it is essential for institutions, creators and investors to store their valuable assets with confidence. Various recent hacks and phishing attacks make this one of the most important issues to solve for fueling growth and innovation in the NFT ecosystem.
“If we’ve learned anything over the last couple of years, it’s that the NFT space can unlock endless opportunities and possibilities,” said Mike Belshe, CEO of BitGo. “More creators are solving real world problems and more investors are participating. What’s been lacking is the infrastructure to protect these digital assets and their owners. Since 2013, BitGo has been dedicated to serving institutional investors and enterprises looking to safely hold digital assets. We were instrumental in building out the guardrails that helped the industry get to this point and now it’s time we do the same for NFTs.”
“The whole Parallel team is excited to partner with BitGo on their new NFT custody solution, as we believe their product’s goals align with that of our own OMNI NFT Money Market,” said Yubo Ruan, the Founder of Parallel Finance. “The trust of our users and the security of their NFTs is a top priority for us, and BitGo shares the same views about their users. Through our partnership with Bitgo, our NFT money market has the highest level of security in the market.”
BitGo’s NFT custody solution is available now to BitGo clients. For more information please visit www.bitgo.com
About BitGo
BitGo is the first digital asset company that has been focused exclusively on serving institutional clients since 2013. BitGo provides institutional investors with custody, liquidity, and security solutions. Active in both centralized and decentralized finance, BitGo offers market leading trading, lending, and borrowing services through its prime brokerage services and acts as the custodian for WBTC, the leading global stablecoin for Bitcoin.
In 2020, BitGo launched 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 approximately 20% of all global Bitcoin transactions, and supports over
500 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. For more information, please visit https://bitgo.com
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