IOTA has partnered with BitGo to enable institutional investors to securely hold and manage IOTA tokens.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
2 mins read
IOTA, a decentralized blockchain infrastructure, has announced a new collaboration with BitGo to help institutional investors securely hold, manage, and leverage its native token. Noteworthy, the partnership will leverage BitGo’s existing infrastructure, which is known for supporting broad crypto-related operations.
IOTA recently celebrated its 10th anniversary, and alongside it expanded its institutional infrastructure with BitGo Trust Company.
The decentralized platform described BitGo as “another long-standing pioneer” known for being the digital asset infrastructure company that delivers on crypto innovations. These include custody, wallets, staking, trading, settlement, and financing from regulated cold storage.
“BitGo delivers the trust and regulatory clarity needed for institutions to operate safely, transparently, and at scale,” IOTA wrote in a blog post.
Based on the support and infrastructure from the Palo Alto-based firm, institutional investors get to hold and manage IOTA tokens. They can leverage the token at varying levels. Ultimately, investors are guaranteed compliance, advanced security, liquidity options, and operational flexibility. All these foster broader institutional participation in the IOTA ecosystem.
Judging by this regulatory oversight surrounding this company, IOTA is likely to see increased institutional accessibility. Also, the former may experience a massive boost in its user base. Several exchanges partnering with BitGo may securely offer IOTA to their clients and in return, market makers could gain additional operational flexibility.
Meanwhile, BitGo is one of the companies gunning for an Initial Public Offering (IPO) in the United States.
It filed its application in September, looking to ride the wave of booming demand for digital asset infrastructure. BitGo intends to list its Class A shares on the New York Stock Exchange under the ticker BTGO.
Around mid-September, it secured regulatory approval from Germany’s BaFin through its subsidiary to expand its custody and trading services in Europe. It can now offer regulated offerings consisting of both Over-the-Counter (OTC) trading and an electronic trading platform for thousands of digital assets and stablecoins.
Among its achievements this year is the inclusion of Canton Coin (CC) as a custodian for its services. It is worth noting that this is the first US-based qualified custodian to offer this service.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
