Place/Date: Malta - December 17th, 2020 at 6:58 pm UTC · 3 min read
Contact: Dan Voicu, Source: Elrond Network
Elrond Network announced today that BitGo, the market leader in digital asset custody services, will provide qualified and insured custody support for the eGold (EGLD) token.
BitGo pioneered multi-signature security and now provides security, compliance, custodial, and liquidity services for institutional investors.
Elrond is a public blockchain that has delivered the first truly scalable sharding architecture solution, which is able to deliver more than 15,000 transactions per second and can scale even further, having achieved 263,000 transactions per second in public tests.
Compared to the 7 transactions per second of Bitcoin and 14 transactions per second of Ethereum, the top two cryptocurrencies at this time, Elrond is akin to what broadband internet was to the early days of slow internet connections.
Recently, Elrond also announced the launch of its digital wallet and global payments app, dubbed Maiar, scheduled for Jan. 31.
Through Maiar, Elrond is positioned for an accelerated growth period, aiming to gain widespread mainstream adoption because in addition to crypto, the app aims to gradually provide the same features as PayPal, Venmo, and Google Pay but without collecting any personal information and at much lower fixed fees.
Beniamin Mincu, Elrond CEO, said:
“The scarcity and robust economics of eGold have made our token an attractive option for investors. Thanks to the collaboration with BitGo, eGold is now ready to serve as a vehicle for regulated institutional investors, and to be integrated into platforms adhering to strict regulatory standards.”
In order to unlock the immediate next steps in its rapid hypergrowth strategy, Elrond opted for the already available ERC20 EGLD custody services, with the native EGLD integration to follow at a later time.
BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions. In 2020, BitGo launched Prime Trading and Lending, as well as BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes over 20% of all global Bitcoin transactions and supports over 300 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.