BitGo, an institutional-grade investment services firm will be offering wallet and custody support for the 9th largest cryptocurrency Tron, according to the latest reports. The support for TRX will be added later this year that will make it available to institutional investors of the US.
Tron CEO Justin Sun took to Twitter to share his excitement with the Tron supporters,
“TRON is making some serious advances on increasing TRX accessibility for institutional investors. Thanks to BitGo, institutions can now trade TRX in the U.S.!”
With this addition, Tron will be joining 1000 other digital currencies like Bitcoin, Ethereum, ERC20 tokens, Stellar, Zcash among others that are already supported by BitGo, that provides security, compliance, and custodial solutions for blockchain-based currencies.
BitGo that is world’s largest Bitcoin processor reportedly transacts $12 billion every month. The company that has over 300 clients across more than 50 countries also offers insurance protection for digital assets. The wallet service of the company has over $2 billion in assets under management.
“Thank you BitGo for supporting TRX and making TRX available for institutional investors! BitGo recently announced that it now offers a $100 million insurance coverage plan for all crypto assets under its custody,” shared Tron Foundation.
Just recently, BitGo revealed its plan to offer crypto insurance for cryptocurrency and digital assets that are being held in their Business Wallet through Lloyd’s of London. Custodial assets held by BitGo will be insured up to $100 million USD while allowing its Business wallet clients to purchase theft insurance and Lost Key Cover.
Mike Belshe, the CEO of BitGo, said:
“This is the most complete insurance offering in the industry. It is not always easy for some clients to understand under what circumstances their investments are insured and to what extent their loss would be covered. We are changing that by being more transparent than any other company about the terms of our coverage. Transparency and accuracy is essential for building trust in the market.”
Just last month, BitGo partnered with Genesis Global Trading, a Bitcoin over-the-counter trading platform in order to allow the company’s custody clients to execute internal settlements on the same day.
At the time of writing, TRX has been trading at $0.025 with 24-hours gains of 1.02 percent while managing the daily trading volume of $140 million.