Bitgo published the news headlines on October 14th on its Medium blog, which notes both company’s collaborative work to create institutional-grade wallet services possible for TRON. The brand new service emphasizes security.
“TRON found us due to our reputation for delivering compliant and secure solutions created for institutional investors,” Bitgo noted in the release.
Bitgo’s release promises a “a multi-sig address and should be accessed by several keys, which are held by separate people.” This methodology is accepted as robust among cybersecurity specialists broadly, on November 8th and Bitgo plans to create institutionally-viable multi-sig wallets designed for TRON users.
Availability & Implications
In a Twitter post announcing the partnership to its users, TRON noted that Bitgo’s functionality will be available as both a hot wallet and a custody solution.
This move is likely to further boost institutional support for the TRON’s blockchain that strives to supply the technological infrastructure to aid the burgeoning DApp ecosystem.
Specifically, the move is targeting the financial services industry, that has shown a deep fascination with blockchain technology but which requires demonstrated, comprehensive security measures before jumping in.
TRON co-founder and CEO, Justin Sun, recognized this opportunity, saying, “We have been excited to be supported by BitGo, that will enable TRON to help expand explore various DeFi applications and we welcome them as somebody…TRON’s move towards on-chain, multi-sig opens the hinged door for financial services clients who demand the best degrees of security.”
The blockchain platform provided contact information for financial services companies thinking about pursuing blockchain adoption.
The move is an interesting development in the crypto space because of Bitgo’s competitive status with Coinbase, another custody solution. Sun has identified Coinbase integration as one of the company’s top priorities, and it’s unclear if these developments shall have any implications for that pursuit.
The TRON Trend
According to CoinMarkCap, TRON’s native TRX token may be the 11th most popular cryptocurrency, and its own decentralized app ecosystem has made plenty of headlines.
First, Binance, among the largest crypto exchanges by volume, became a “super representative” for TRON by acquiring a lot more than 12 million votes on the platform. Meanwhile, Binance began offering staking services for TRON’s TRX token, a noteworthy development for both ongoing services.
In addition, prominent crypto cybersecurity and evangelist entrepreneur, John McAfee, indicated that his non-custodial exchange would eventually integrate with TRON.
In the fast-moving crypto space, momentum often means everything, and TRON is gaining steam with each era.
While the long-term implications still have to play out, the short-term opportunities seem to be building. For institutional investors, which means that they could have a recognised, secure spot to pursue blockchain adoption. That appears to be the hope of the Bitgo and TRON teams that worked together with this latest release.