BitGo is one of the world’s leading blockchain security experts and cryptocurrency custodians, with it now announcing that it will be adding support for Universal Protocol Alliance Stablecoins. The team at the Universal Protocol Alliance believes that all stablecoins should work on all blockchains, so they created Universal Tokens. The fact that BitGo is now supporting these tokens suggests that it’s looking to become the go-to crypto custodian of choice for all crypto exchanges globally.
Making a Move Towards Stablecoins
Back in November, BitGo added support for a raft of stablecoins, including Circle’s Centre USD (USDC), the Gemini Dollar (GUSD), TrueUSD (TUSD), Paxos Standard Token (PAX), and Maker’s Dai (DAI). This was already seen as a huge move, and now with the addition of Universal Tokens, BitGo is definitely cementing its position as the top crypto custodian in the world. It will be adding support for Universal Dollar (UPUSD) and the Universal Euro (UPUSD) – which are pegged against the Dollar and Euro respectively – in the coming days.
Looking for New Players
BitGo is ramping up its crypto support in the hopes of winning the contracts to new, large crypto trading platforms. Fidelity is currently expanding its crypto trading operations and is looking to add a raft of new cryptos. It already has 13,000 clients using its crypto trading platform, and it’s due to roll out the platform to all clients in early 2019. If BitGo can impress Fidelity and TD Ameritrade, it would give the firm a huge boost and significantly more cryptos to keep safe in its custodian solution.
Storage Solutions Coming Under Fire
Unfortunately, the crypto world has caused hackers to come out in their droves looking for a quick payday. Due to the relatively new nature of the industry, there are still many flaws in the related storage technology. This has led to huge hacks, like the recent attack on Trade.io’s cold storage. Hackers managed to gain access to the platform’s cold storage wallets that were secured in a bank’s safety deposit box. This hack is the reason trading platforms are always looking for more secure and trusted custodians to look after client funds.
BitGo is showing no signs of slowing down when it comes to supporting more cryptos, and that’s great news for the crypto world. As this huge custodian supports more cryptos, it means that exchanges are more likely to list a greater range of cryptos as trading pairs. This, in turn, gives traders more choice and flexibility when they create their crypto portfolios – keep up the great work BitGo!