A market leader in institutional-grade cryptocurrency security, BitGo has recently added support for Zcash to its expanding list of diverse digital currencies.
BitGo has joined a growing number of cryptocurrency industry leaders that have announced support for Zcash. The first to launch a Zcash offering on its platform was one of the major cryptocurrency exchanges HitBTC back in 2016. Then Circle and Gemini exchanges have added support for Zcash after receiving approval from the NYDFS while more than 20 million customer of Coinbase are said to be the next one to explore trading Zcash.
Since its launch in 2016, Zcash has quickly grown to be one of the most valued and admired cryptocurrencies in the world. The privacy-protecting digital currency conceived to empower everyone with economic freedom and opportunity was developed by the Zcash Company.
The company behind Zcash was founded by a 41-year-old developer Zooko Wilcox. Designed by a group of scientists, academics, and engineers, Zcash offers an advanced cryptography and guarantees the privacy of transactions. The main feature distinguishes Zcash from other cryptocurrencies stored in a public ledger is that Zcash-based transactions cannot be traced by authorities.
According to the recent announcement, the privacy-focused cryptocurrency joins a number of major crypto assets on the startup’s platform BitGo, which offers a multi-signature wallet and custodial products and services for users that include institutional clients.
BitGo represents the only company in the industry with multi-signature wallets across all coin types and provides the highest level of security, compliance and custodial services. Moreover, the startup is the world’s largest processor of on-chain Bitcoin transactions as it manages processing up to 15% of all global Bitcoin transactions and $15 billion per month across all cryptocurrencies. The company has a customer base that spans more than 50 countries and includes the world’s largest cryptocurrency exchanges.
These distinctions make BitGo the perfect solution to support Zcash – a digital asset focused on privacy protection and cutting-edge cryptographic technology.
Commenting on the collaboration that enables clients to store their Zcash in BitGo’s multi-signature wallets as well as its cold-storage custody solutions, both companies stuck in positive tone. BitGo chief technical officer, Ben Chan said:
“We are working hard to offer our institutional clients the most complete portfolio of digital currencies. Zcash is a compelling digital currency that many hedge funds, exchanges and customers have been asking for because of its emphasis on privacy. We are glad to deliver a secure multi-signature implementation to store Zcash today.”
The representative of the Zcash Company, in turn, stressed numerous opportunities now available for investors owing to BitGo. Zcash engineer Brad Miller said BitGo support will enable investors to “seamlessly send and receive zcash in a safe and secure way,” in particular due the institutional-grade security standards the firm employs. He added:
“We at the Zcash Company are excited that leaders like BitGo are adopting Zcash and that people are awakening to the benefits of financial privacy. We believe the upcoming Zcash Sapling upgrade will fuel greater adoption of Zcash’s privacy features.”
Chan also mentioned the company is not going to stop expanding its cryptocurrency portfolio, thus by the end of 2018 BitGo plans to add offerings for more than 100 tokens. In the meantime BitGo has filed for a charter to build its own regulated asset custody service, but the details of working process are not disclosed.