Institutional-grade cryptocurrency financial investment services firm BitGo will provide wallet and custody support for cryptocurrency Tron (TRX), according to a news release shared with Cointelegraph on Feb. 20.
Per the release, BitGo will add support for TRX later this year, making it readily available for institutional financiers. TRX hence signs up with over 100 other digital currencies already supported by BitGo.
BitGo is supposedly the world's biggest processor of on-chain Bitcoin (BTC) deals, processing 15 percent of all worldwide Bitcoin transactions and $15 billion of cryptocurrencies monthly. The business's wallet service has more than $2 billion in assets under management.
The other day, BitGo exposed strategies to offer crypto insurance coverage for digital assets hung on its Business Wallet service and custodial offering through Lloyd's of London. BitGo crypto insurance coverage might supposedly be paid following the loss of personal keys caused by a hack or a theft by 3rd parties or insiders, or in the case of physical loss or damage of private keys.
In January, BitGo partnered with Bitcoin over-the-counter (OTC) trading platform Genesis Global Trading to allow clients trading cryptocurrency directly from BitGo custody. The partnership allows BitGo custody clients to carry out internal settlements on the exact same day, powered by Genesis' high liquidity based on a big network of trading partners.
TRX, which is presently the ninth significant cryptocurrency by market capitalization, is trading around $0.025 at press time, having actually lost 1.69 percent over the last 24 hours, according to information from CoinMarketCap. The altcoin's market cap is around $1.6 billion at press time, while its daily trading volume is around $144 million.