BitGo Expands Services to the Canton Network
BitGo, a prominent name in the cryptocurrency custody landscape, has broadened its services to include the Canton Network, thereby enabling institutional investors to manage and secure the Canton token effectively. This development, announced on October 29, positions BitGo as the pioneering qualified custodian within the United States for the Canton Coin, marking a significant milestone for the firm as it continues to enhance its offerings after garnering approval from the U.S. Securities and Exchange Commission (SEC) alongside Ripple and Coinbase as qualified custodians.
The Canton Network Overview
The Canton Network is a public blockchain that prioritizes institutional privacy and currently manages over $6 trillion in assets on its chain, with impressive daily trading volumes nearing $280 billion. The network is underpinned by more than 600 validators, establishing it as a vital player in the domains of tokenized assets and stablecoin transactions.
Enhancing Institutional Engagement
In an effort to merge the realms of traditional finance and digital assets, the Canton Network emphasizes a privacy-oriented architecture that facilitates continuous settlement and collateral mobility, providing institutions with enhanced governance over their operations.
Chen Fang, BitGo’s Chief Revenue Officer, articulated the company’s commitment to promoting institutional engagement with digital asset infrastructures, stating, “By offering meaningful utility through our partnership with Canton, we reaffirm our dedication to delivering top-tier security and services for these nascent ecosystems.”
Services Offered by BitGo
BitGo’s expansion into Canton will encompass various services such as self-custody for deposits and withdrawals, integration of different token standards, and comprehensive support for stablecoins. Furthermore, this integration includes features related to the Go Network, enhancing trading capabilities and liquidity access.
Significance of the Collaboration
Melvis Langyintuo, Executive Director of the Canton Foundation, highlighted the significance of this collaboration, asserting, “This initiative signifies a major leap towards fostering institutional adoption of Canton Coin and bolstering the overall Canton ecosystem.”
The partnership also promises a regulated custody solution with cold-storage provisions along with substantial insurance coverage, providing a safety net of up to $250 million for its users.
