Digital Assets Custodian BitGo to Support ERC-20 Governance Token for Wormhole

BitGo is pleased to announce support for W, which is the native ERC-20 governance token for Wormhole.

BitGo explains that clients can now “custody W in Hot, Custodial, and Self-Managed Cold wallets.”

As noted in a blog post from BitGo, Wormhole is an interoperability platform “designed to support the development of multichain applications and bridges.”

According to Wormhole, the platform facilitates seamless communication and data transfer across various blockchain networks, “enabling developers to create decentralized applications that can operate across multiple blockchain ecosystems.”

As mentioned in the announcement, the W token enables cross-chain transfers, “allowing assets to move between different blockchains.”

It facilitates interoperability, supports the development of decentralized applications across multiple networks, transaction security, and can “be used for fees and incentives within the Wormhole ecosystem.”

On the BitGo platform, builders and investors can “now use and create fast, safe, and user-friendly services for W.”

As covered, BitGo, founded in 2013, is a “provider of secure digital asset wallet solutions, offering institutional-grade custody, staking, trading, and core wallet infrastructure.”

Notably, it pioneered the multi-signature wallet and “launched BitGo Trust Company in 2018, the first qualified custodian for digital assets.”

With a $250 million insurance policy, SOC 1 Type 2 and SOC 2 Type 2 certifications, and rigorous regulatory compliance, BitGo claims that it ensures high standards “of security and confidentiality.”

Expanding its digital assets-focused services, BitGo has reportedly “introduced institutional-grade DeFi, NFT, web3 offerings, and the Go Network.”

In 2023, it secured $100M Series C financing, “valuing the company at $1.75B.”

BitGo supports 800+ digital assets, “processes 20% of on-chain Bitcoin transactions, and serves over 1,500 institutional clients across 50 countries.”

As reported last month, BitGo, the custody and wallet solutions provider for digital assets, hired Brett Reeves for BitGo’s expansion in Europe.

Brett brings 20+ years of experience in traditional finance to BitGo, “including work for various global investment banks within their Prime Brokerage and OTC Clearing sales teams.”

These included roles in London “for Citibank and Nomura and more recently Standard Chartered Bank in Singapore where he spent eight years building their nascent FX and Interest Rates Prime Brokerage platform throughout the Middle East and Asia.”

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