BitGo Adds Dash (DASH), Stellar (XLM)- BitGo is a Blockchain security company that offers a multisignature bitcoin wallet service. Where keys are divided among a number of owners to manage risk.
There is a rapid increase of digital currencies that are now listing with the cryptocurrency security and wallet company BitGo. Since the adoption of Dash, the company’s value had been upped. The company’s founder and chief executive officer Mike Belshe reported that US custodian BitGo will add two new coins: Dash (DASH) and Stellar Lumens (XLM).
Adoption of Dash and Stellar:
Out of Dash and Stellar, Dash is the first to be added to the security firm BitGo last week due to the facility of “instant payments” that can be done by investors. Dash ranks number 13 with $1.5 billion by market cap.
BitGo Adds Dash (DASH), Stellar (XLM)-Stellar (XLM), however, which will be added in the next coming weeks, is more focused on providing “global payments more for consumers.” Currently, Stellar is the sixth largest cryptocurrency with $4.6 billion by market cap.
BitGo’s CEO Belshe also stated the differences between BitGo and regular exchanges were:
1) BitGo is entirely focused in providing secure custodian services
2) Targets only large players like hedge funds whereas trading platforms are dedicated only to retail investors.
BitGo’s CEO Belshe, stated: “Exchanges sometimes offer custodianship, but they’re not qualified custodians themselves. They’re holding funds so that you’ll use their exchange. In other asset classes you don’t have the exchange hold the funds — it’s just not allowed,”
“If the New York Stock Exchange went to the U.S. Securities and Exchange Commission” and added, “Hey, please let us be a custodian for the assets that we trade,’ the SEC would laugh them out of the room.”
BitGo’s wallet also offers custodian services related to more than 75 Ethereum-based ERC20 tokens for clients with a BitGo contract. It is supported by 8 coins: Bitcoin, Ethereum, Bitcoin Cash, Zcash, Litecoin, Bitcoin gold, XRP and dash.
The Chief Technology Officer at BitGo, Ben Cha said “the integration of BitGo with Dash provides a new currency model with the topmost level of security present in the market today, and an infrastructure that entices institutional investment.”
The CEO of Dash, Ryan Taylor stated “Because so many large cryptocurrency exchanges rely on BitGo as part of their security, this integration will enable Dash to partner with many new exchanges and make supporting Dash easier for some of our existing partners. Finally, BitGo gains a new capability with Dash in the form of instant transactions, which we think many of their clients – especially exchanges – will value greatly,”
Sounds like a match made in crypto heaven! Best wishes to them both.