If there is one reason to focus beyond just Bitcoin
If there is one reason to focus beyond just Bitcoin and Ethereum, it would be the fact that BitGo, one of the world’s top security firms is on track to grow to 100 tokens and assets by the end of 2018. This move comes at a time when demand for custodial services for cryptocurrencies is at an all-time high.
Presently, BitGo’s business model is focused primarily on custodial cryptocurrency services. With an eagerness to grow and to stay competitive, the wallet and blockchain security firm is setting its sights on taking more currencies under its wing. Although other currencies are being considered, Stablecoins are the primary goal.
BitGo’s decision to support the most common stablecoins is timed at the most opportune moment as traders and speculators are getting more interested in stablecoins like GUSD, TAI, USDC, PAX and TUSD. The demand for their services will only increase as the liquidity of these currencies improve.
The firm started out with just supporting Bitcoin, but has started supporting more currencies including Ethereum, XRP, Bitcoin Gold, Litecoin, and many others over the years. With an expectation to bring security solutions for 100 cryptocurrencies by the end of 2018, BitGo’s growing reach is going to provide much-needed legitimacy to the cryptocurrency industry.
The key to BitGo’s success is its industry-grade multi-signature wallet technology. It is a storage solution for digital assets which has an added layer of security: every transaction that goes through BitGo’s channels has to be matched with the digital signatures of at least two users involved. The more signatures, the tighter the security thus reducing the risk of frauds.
Apart from this, users of their services can set up treasury policies or transaction limits on every account, providing a level of control over the workings tailored to their client’s needs. As BitGo supports more currencies, it grabs a hold of a bigger share of the market and solidifies its position as a leading name in this space.
Trust and security are the keywords in the cryptocurrency business. When tangible money isn’t involved, users need to know that there are no weaknesses involved in the custodial services that keep their funds safe. Cryptocurrency is changing and it is more than just Bitcoin or Ethereum now. As BitGo expands and has a more diversifies list of clients, it needs to adapt and grow accordingly.