In big news for those who invest in altcoins, the blockchain security company BitGo has announced that they now are launching custody support for the altcoins, Stellar Lumens and Dash. The company is well-respected in the cryptocurrency community. It was founded in 2013, before many other companies that have entered the space.
The Palo-Alto based company has received institutional funding from venture capital firms that see massive potential in its multi-signature bitcoin wallet service. The main concept behind the company is that keys are divided amongst owners. It helps to hedge the risk when it comes to cryptocurrency assets in general.
Good News For Altcoins
This certainly provides a new legitimacy to both cryptocurrency projects, which are certainly substantial in their own right. Specifically. DASH has a market capitalization of over 1.5 billion dollars, and Stellar Lumens weighs in with a market capitalization of over 4.5 billion dollars.
Stellar Lumens remains a “top 10” coin, while DASH is in the top 15 by market capitalization. The fact that BitGo is willing to add the two altcoins certainly is a substantial move. Especially given the fact that many consider the concept of “custody” integral to institutional money flowing into the cryptocurrency market in general.
BitGo is an important company when it comes to the cryptocurrency world in general. It is the world’s largest processor when it comes to bitcoin transactions. In fact, it is responsible for 15% of all global bitcoin transactions. It markets itself as a company that aims to bring more “trust” to the markets in general. Many lawmakers and politicians point to the fact that consumer protection is essential to develop the right cryptocurrency regulation.
The company is headquartered in Palo Alto, but has offices in countries and cities such as London, Tokyo, and Singapore. It currently supports over 75 tokens and coins.