BitGo has launched a unified platform for Web3 token custody and compliance. Major protocols such as Worldcoin and Sui are already using BitGo's new solution. BitGo is also the custodian for 21Shares' US spot Bitcoin and Ethereum ETFs and is a key partner for Wrapped Bitcoin (WBTC).
BitGo, a prominent US-based cryptocurrency custody company, has launched its Token Management Platform, a comprehensive digital asset management platform designed specifically for the Web3 protocol.
The new service aims to transform the way protocols handle token storage, distribution, and liquidation, promising to streamline the management of native tokens in a compliant and secure manner.
BitGo's Token Management Platform
As detailed in BitGo's announcement, the token management platform addresses the complexities and risks associated with Web3 token operations by providing an end-to-end solution covering token vesting, liquidity management, token unlocking, and staking.
By consolidating these functions into a unified system, BitGo aims to eliminate the fragmentation and associated risks that come with using multiple fragmented tools for token management.
The platform already supports major protocols such as Worldcoin, Sui and LayerZero, making it attractive to major projects in the crypto space. The automated process is designed to provide a compliant and assured environment that maintains BitGo's high standards of governance, enhancing security and reducing the operational complexities faced by Web3 organizations.
BitGo’s Diversification Efforts
In addition to its new token management solution, BitGo has recently strengthened its presence in the cryptocurrency ETF market.
21Shares has selected the company to serve as custodian for its U.S. spot ETFs, including the ARK Bitcoin ETF and Core Ethereum ETF. The role further highlights BitGo's growing influence and the company's commitment to providing reliable custody solutions to institutional investors.
BitGo also continues to play a key role in custody of Wrapped Bitcoin (WBTC), the token that facilitates Bitcoin's participation in decentralized finance (DeFi). Despite recent controversy surrounding WBTC, including diversification efforts and the introduction of competing products such as 21BTC, BitGo remains a significant player in the space.
With its new platform and expanded services, BitGo is poised to provide innovative solutions to meet the evolving needs of digital asset management and Web3 protocols.