BitGo Adds Stellar and Dash to Portfolio
October 6, 2018 1:13 pm
BitGo the startup hailing from Palo Alto, California allows investors to store their crypto assets. The company recently announced that they are adding support for two new digital coins. As of October 5, 2018, BitGo has added support for Dash and Stellar for their customers.
Dash is a cryptocurrency based on a modified version of the Bitcoin code. The company has also announced that it will be adding support for Lumens, a cryptocurrency that is associated with Stellar. Stellar is an open-source blockchain project that was a part of Stripe, the fintech giant back in 2014.
Mike Belshe, CEO and Co-founder, BitGo said that the reason they are adding these cryptocurrencies is to “offer some advances, particularly around payments.” This information was revealed through the Fortune video series – Balancing The Ledger. The series is based on finance and technology and how they intersect.
Dash stands for “digital cash” has been optimized to provide speed improvements and facilitate instant payments. The currency is also focused on privacy, though how secure the currency is a subject of debate for quite some time. Lumens by stellar is focused on consumer-focused global payments.
BitGo offers 85 currencies as custodies. The list of currencies includes Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Zcash. The company also launched BitGo Trust last week which acts as a qualified custodian for digital assets. It was approved by the South Dakota financial regulators.
Cryptocurrency companies are eyeing custodial products as the best way to offer cryptocurrency. This is because they are favorable when we look at the legal and security requirements. Coinbase and Gemini are also offering cryptocurrency exchange services while it is speculated that banking giants such as JPMorgan Chase are also looking to enter the market of digital currencies.
Belshe said that BitGo’s offerings are better than the other available options in the market as they are the prime focus for the company. “What they’re really doing is trying to hold funds so they’ll use their exchange.”