Digital asset custody provider BitGo has unveiled a new solution that the platform says will transform the way protocols manage token custody, distribution, and settlement.
According to BitGo, the token management platform offers an automated process that protocols and organizations can leverage to optimize their digital assets. The solution already benefits major protocols such as Worldcoin (WLD), His (IUE) and LayerZero (ZRO), BitGo said in a press release shared with crypto.news on Sept. 16.
Instead of having a fragmented system serving stakeholders, projects can use the end-to-end solution for aspects such as token acquisition, liquidity management, token unlocks, and on-chain activities such as staking.
BitGo claims its solution allows projects to benefit from a compliant and secured platform that brings its qualified custody standards to the fragmented market.
21Shares selects BitGo for ETF custody
The launch of the comprehensive crypto asset management platform comes just days after digital asset exchange-traded fund issuer 21Shares selected BitGo as the custodian for its US spot ETFs. Specifically, BitGo will act as the custodian for the 21Shares ARK Bitcoin ETF and Core Ethereum (Ethnicity) ETFs.
Both ARKB and CETH were set to launch in 2024 after the U.S. Securities and Exchange Commission approved Bitcoin spot ETFs for trading in January and Ethereum spot ETFs in July.
The 21Shares announcement adds to BitGo’s presence in the cryptocurrency ETF market, where the company provides custody services for the Hashdex and Valkyrie cryptocurrency ETFs.
WBTC and Competitive Token Launch
BitGo is also the custodian of Wrapped Bitcoin (WBTC), the Bitcoin (Bitcoin) pegged token that allows BTC holders to participate in DeFi.
Recently, WBTC has attracted some negative attention.
This follows BitGo’s announcement that it would diversify WBTC custody in partnership with BIT Global, a Hong Kong-based company linked to Tron (TXR) founder Justin Sun. Sky, formerly MakerDAO, He considered leaving WBTC Amid this controversy, while Coinbase he mocked their own product before launching cbBTC.
Interestingly, 21Shares also announced its own wrapped Bitcoin called 21BTC.
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