BitGo, a provider of digital asset infrastructure, announced its support for HyperEVM, the Ethereum-compatible smart contract layer of the Hyperliquid ecosystem.
This integration marks a pivotal step in bridging institutional investors with the ecosystem of DeFi, offering custody and operational flexibility for assets like HYPE, Hyperliquid’s native token.
By expanding its services to HyperEVM, BitGo reinforces its commitment to providing secure, scalable solutions for institutions navigating the digital asset economy.
Hyperliquid has emerged as a powerhouse in decentralized trading, boasting over $2.53 billion in total value locked (TVL) and a stablecoin market cap of $5.58 billion.
The platform’s Layer 1 blockchain is designed for high-performance, low-fee on-chain trading, with a focus on next-generation perpetual futures.
HyperEVM enhances this ecosystem by enabling developers to build sophisticated applications with direct access to native liquidity, unlocking new opportunities in DeFi.
BitGo’s integration allows institutional clients to securely custody and interact with HyperEVM assets, including HYPE, through regulated qualified custody, self-custody cold and hot wallet options, and customizable policy controls for whitelists and spending limits.
The timing of BitGo’s announcement aligns with a surge in Hyperliquid’s activity.
On August 26, the platform recorded a 24-hour spot trading volume of $3.5 billion, a new all-time high driven by increased Bitcoin and Ethereum deposits.
Hyperliquid now ranks as the second-largest trading venue for spot Bitcoin across centralized and decentralized exchanges, underscoring its competitive edge.
The platform has also outperformed traditional players like Robinhood in monthly trading volume for three consecutive months, with July volumes reaching $330.8 billion compared to Robinhood’s $237.8 billion.
This growth, coupled with Hyperliquid’s dominance in decentralized perpetual futures—capturing over 75% of the market share—highlights its rising influence in the DeFi space.
BitGo’s support for HyperEVM comes on the heels of Anchorage Digital Bank’s addition of HYPE custody, signaling a broader trend of institutional adoption of Hyperliquid’s ecosystem.
By offering secure infrastructure, BitGo enables institutions to confidently participate in Hyperliquid’s offerings, which include stablecoins, staking solutions, settlement, real-world assets, collateral, and wealth management.
The integration also facilitates engagement with decentralized applications (dApps) and governance features, providing institutions with the tools to manage assets securely while maintaining operational control.
This move is particularly significant as DeFi continues to gain traction, with Hyperliquid’s open interest in HYPE reaching an all-time high of $2.17 billion, reflecting growing trust and demand.
The HYPE token itself has seen notable price action, surging 8% following BitGo’s announcement and reaching a peak of $51 in July.
Bullish sentiment is evident in the token’s long-to-short ratio of 1.20, with forecasts like Arthur Hayes’ prediction of a 126x price increase over the next three years adding to the optimism.
Hayes, co-founder of BitMEX, cites Hyperliquid’s projected $258 billion in annualized fee revenue and its potential for stablecoin expansion as key drivers.
These developments underscore Hyperliquid’s fundamentals and its ability to attract retail and institutional traders through relatively low fees and high-speed execution.
BitGo’s HyperEVM integration is a step toward accelerating institutional adoption of DeFi.
By providing security protocols and custody options, BitGo addresses the operational and compliance needs of institutions looking to engage with Hyperliquid’s ecosystem.
As the DeFi landscape evolves, partnerships like this one highlight the growing credibility and scalability of platforms like Hyperliquid.
With its so-called high-performance infrastructure and expanding use cases, Hyperliquid, backed by BitGo’s custody solutions, is positioned to potentially redefine decentralized trading and solidify its leadership in the DeFi market.
This announcement also reflects BitGo’s broader mission to accelerate the transition to a digital asset economy.
Founded in 2013, BitGo has been focused on enabling secure custody solutions, including multi-signature wallets and Threshold Signature Schemes (TSS), safeguarding various crypto tokens across blockchains.