Digital asset custody company BitGo has unveiled a new solution that the platform says will change the way protocols manage token custody, distribution, and liquidation.
According to BitGo, the token management platform offers an automated process that protocols and institutions can leverage to streamline their digital assets. The solution is already being leveraged by leading protocols such as Worldcoin (WLD), Sui (SUI), and LayerZero (ZRO), BitGo said in a press release shared with crypto.news on September 16.
Instead of having a fragmented system that caters to the needs of stakeholders, projects can use the comprehensive solution for aspects such as token granting, liquidity management, token unlocking, and on-chain activities such as staking.
BitGo says its solutions allow projects to benefit from a compliant and secure platform that brings its own qualified custodian standards to a fragmented market.
21Shares Selects BitGo to Custody ETFs
The launch of the comprehensive crypto asset management platform comes just days after 21Shares, a digital asset ETF startup, selected BitGo as a custodian for its spot ETFs in the United States. Specifically, BitGo will serve as custodian for the 21Shares ARK Bitcoin ETF and the Core Ethereum (ETH) exchange-traded fund.
Both ARKB and CETH are set to launch in 2024 after the SEC approved spot Bitcoin ETFs for trading in January and spot Ethereum ETFs in July.
The 21Shares announcement adds to BitGo’s presence in the crypto ETF market, where the company provides custody services for Hashdex and Valkyrie crypto ETFs.
WBTC and Competing Tokens Launch
BitGo is also the custodian of Wrapped Bitcoin (WBTC), a token tied to Bitcoin (BTC) that allows BTC holders to participate in DeFi.
Recently, WBTC has attracted some negative attention.
This comes after BitGo announced that it would diversify its WBTC custody in partnership with BIT Global, a Hong Kong-based firm linked to Tron (TXR) founder Justin Sun. Sky, formerly known as MakerDAO, considered dropping WBTC amid the controversy, while Coinbase teased its own product before moving forward with the launch of cbBTC.
Interestingly, 21Shares also It was announced Its own bitcoin is called 21BTC.