Categories: Crypto

BitGo Confirms Tron Will Receive Institutional-grade Support

Most active service providers in the cryptocurrency space – other than wallets and exchanges – tend to focus on a handful of currencies at all times. BitGo is one of those companies which primarily supported the top cryptocurrencies at first. In a new update, it seems Tron will be added to this platform. The current goal is to enable TRX support by November 2019. 

BitGo is Expanding

It is good to see a well-established service provider such as BitGo focus on expanding the support for additional cryptocurrencies. The company is best-known for providing cryptocurrency solutions that cater to institutional clients. Primarily those who seek secure storage solutions and multisignature solutions can benefit from what BitGo has to offer. Although it has been quiet on the company’s front lately, it seems their time has been well spent. 

More specifically, the company has officially confirmed they will add another cryptocurrency to its services in the near future. That currency will come in the form of Tron, or TRX. The choice for this particular currency is rather intriguing, primarily because Tron has not necessarily seen any institutional interest to date. Then again, there are more currencies than just Bitcoin, Ethereum, and XRP.

Custody Services Galore

It is evident BitGo has positioned itself in the world of cryptocurrency custody services. Their clients include exchanges, brokers, and futures contracts providers, among many other business models. They are also the oldest custody provider in the cryptocurrency space today. For Tron, this means they receive a proverbial nod of approval from a well-established company.

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According to the company, there has been a growing interest among clients who want to see custodial support for TRX. It remains to be seen which kind of use cases this will unlock over time, as there are many different opportunities to explore. The BitGo team had a previous collaboration with Tron’s developers, as they helped build the first institutional-grade mutisig wallet. The move to on-chain multisig is rather logical.

The Impact on TRX

When good news arises for any cryptocurrency, the asset in question will often see an artificial and orchestrated brief uptrend. Whether or not this will happen following the BitGo announcement, is a different matter altogether. While there is seemingly a demand among institutional clients regarding TRX, that would not necessarily result in a price increase across the different exchanges and trading platforms. 

Image(s): Shutterstock.com

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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