BitGo, a digital asset financial services provider, announced on Thursday it has launched an institutional-grade multi signature wallet solution. According to BitGo, the solution provides on-chain, multi-signature security fo Hedera’s HBAR token through its affiliate BitGo Inc. Additionally, BitGo Trust will provide insured, cold storage custody solutions for Hedera. BitGo also reported that multi-signature is an open-source protocol, and has been through thorough testing and evaluation by the security community.
“Multi-signature makes use of distinct private keys specifically assigned to individuals for increased accountability, transparency, and security not available through other technologies.”
Pete Najarian, Chief Revenue Officer of BitGo, spoke about the solution by stating:
“BitGo is providing institutional investors a way to store and secure the latest and most innovative digital assets available on the market today with a single, seamless, unified wallet platform. Our technical teams work closely with the development teams of emerging digital asset companies like Hedera to develop their first multi-signature institutional grade wallets. In the future we look forward to supporting asset issuers in the Hedera ecosystem as well.”
Azeem Malik, VP of Global Business Development for Hedera, added:
“BitGo’s custody solutions are trusted by leading institutions and exchanges globally. We are pleased that they have chosen to offer multi-sig wallet and custodial services for HBAR, further expanding our ecosystem and the ability for organizations to use HBAR to conduct transactions globally.”
Hedera Hashgraph is described as a public distributed ledger for building decentralized applications, and aims to resolve four fundamental issues preventing mainstream market adoption of public blockchain and other decentralized ledger technology — performance, security, stability, and governance.