The crypto-custody company BitGo, based in California, will now provide support for the digital currency TRON as the announcements reached our Tron news today. BitGo will offer Tron functionality across both the hot wallet and custody solutions.
As we can read from today’s release the crypto-custody company BitGo is one of the largest custody solutions platforms in the crypto business and claims to process more than $15 billion worth of transactions per month. In the meantime, TRON is the 11th largest cryptocurrency by market cap and this year was involved in many controversies after the founder of the asset and CEO Justin Sun, dropped out of the massively publicized charity lunch with the business guru and investor Warren Buffett.
In the press release from the company, Sun wrote that this partnership will enable TRON to further develop end enter into multiple DeFi applications and will welcome them as a partner. For those who are unfamiliar with who Sun is, he is the CEO of BitTorrent. The CTO of BitGo Benedict Chan stated in a press release:
“We worked with TRON’s development team to develop their first multi-signature, institutional-grade wallet. TRON’s move towards on-chain, multi-sig opens the door for financial services clients who demand the highest levels of security.”
A hot wallet is very different from a ‘’cold wallet’’ since it stores the funds offline. The hot wallets are more susceptible to hacks but are more popular because of their fast-paced crypto trading options. TRON has yet to be listed on Coinbase which is a strong rival to BitGo. Justin Sun explained earlier this year’s Coinbase listing will be his number one priority. As per the latest news on altcoin, the market stance of the TRX token seems that it managed to hold on to the 11th position on coinmarketcap where it recently returned after it spent a lot of time on the 14th position. Earlier today, Tron showed that it is among the best performers on the market because it had the second-best price on the top 10 list coming right after XRP.
As well as getting back to the 11th position on coinmarketcap, TRON celebrated 500,000 new users who recently joined the network. Another milestone for the digital asset reported by Justin Sun was the significant progress that the users had while transferring their USDT coins to the TRON chain.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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