BitGo is one of the most renowned companies in all of Bitcoin and cryptocurrency. The company made a name for itself by focusing on multisignature technology, which is integrated into its solutions by default. Having such a valuable industry leader acknowledge Bitcoin Cash in a positive manner is significant. BitGo has now provided a tool connected to the BCH fork, even though it took some extra time to complete.
BitGo Finally Integrates Bitcoin Cash Transactions
Quite some time ago, BitGo‘s team announced they would be providing support for the somewhat contentious Bitcoin Cash hard fork. The company had always planned to support BCH in one way or another through an updated tool. It has taken them a bit longer than expected to successfully integrate BCH into their platform, but that is not entirely surprising. Trezor faced some issues when integrating Bitcoin Cash as well.
With the new infrastructure in place, BitGo clients can move their BCH tokens out of the wallet if they want to do so. BitGo has enabled full support for Bitcoin Cash from this point forward, and its native wallet solution allows for both receiving and sending of such transactions. It is good to see more Bitcoin Cash-capable wallets popping up. With both Trezor and BitGo now on board, things are heading in the right direction.
Every BitGo user who had a Bitcoin balance prior to the August 1st fork will now see their BCH balances credited to their accounts automatically. The platform’s API will also support BCH moving forward. This means any developer can access BitGo wallets and send coins through the same unified interface they’ve used for Litecoin, Ethereum, and other cryptos. The fact that exchanges can benefit from this solution as well could yield some interesting results over time.
Some of the most prominent companies in the world rely on BitGo. Having multisignature solutions at one’s disposal is of the utmost importance. In particular, exchanges dealing with cryptocurrency wallets in a secure manner enjoy using BitGo’s multisignature solutions. Virtually every exchange using a cold storage solution for customer funds will have some partnership with BitGo. It is impossible to deny the company’s powerful position in the broader industry.
Although the Bitcoin Cash price has been declining, the ecosystem is still on the right track. Mining support is growing, more services integrate BCH support, and there do not appear to be any major network issues. Despite some major challenges, Bitcoin Cash is still the fourth-largest cryptocurrency by market cap, which is a lot more than most people had expected.
One intriguing statistic is how Bitcoin Cash now has 76 trading markets, according to Coinmarketcap. In comparison, Bitcoin has around 400 markets. There is still a lot of work to be done in the coming months. The support by BitGo is quite significant for BCH supporters, since it further validates the project as a whole. Bitcoin Cash will continue to be an interesting market to keep an eye on, as it has seemed to hang on far better than some Bitcoin supporters would have liked to see.
