- First US-qualified custody solution paired with hot wallets.
- Lang believes that NFTs will indeed hold on to their momentum.
- Due to excellent security options, more institutions will feel comfortable entering the space.
One of the leading digital asset custody, liquidity, and security provider, BitGo has launched an NFT hot wallet and custody solution for retail marketplaces, institutions, and developers in association with Parallel Finance.
BitGo shared the update through a post on Twitter:
Announcing @BitGo’s new NFT wallet! Featuring support for ERC-721, ERC-1155, and CryptoPunks. We’re thrilled to be launching with @ParallelFi.— BitGo (@BitGo) June 22, 2022
Read more about this below and head over to https://t.co/sfoaJHhKsb to sign up today! https://t.co/vOnXZK6v8o
According to BitGo Chief Product Officer Chen Fang, this is the first US-classified custody solution to be paired with hot wallets. As of now, BitGo is serving a total of 700 institutional clients.
Fang said that people who use MetaMask are using insecure solutions to store hundreds of thousands of dollars of NFTs. However, now they will have this excellent place to save their precious assets.
Using multi-signature security and 24/7/365 withdrawal access and support, BitGo allows clients to receive, hold, and send NFTs securely. Also, it supports ERC-721 and ERC-1155 protocols and CryptoPunks.
Fang stated that expansion of services shows market demand. Also, investors are now keen to take increased ownership of the storage and security of their assets.
Though cryptocurrency markets are not having their best time, Fang believes that the NFT momentum will continue in the long term.
Mike Belshe, CEO of BitGo, said:
Since 2013, BitGo has been dedicated to serving institutional investors and enterprises looking to hold digital assets safely. We were instrumental in building out the guardrails that helped the industry get to this point, and now it’s time we do the same for NFTs.
Yubo Ruan, Founder of Parallel Finance, shared that their team is excited to collaborate with BitGo on their new NFT custody solution. Like BitGo, the trust of their users and the security of their NFTs remain the top priority. Through a partnership with BitGo, their NFT money market has the highest level of security in the space.