BitGo has announced that it will provide its custodian support to Tron and will develop the first TRX institutional-grade wallet. BitGo made this announcement in a blog post published on 14th Oct.
Furthermore, in a blog post, the crypto custodian says that the firm will start working with Tron on 8th Nov and will provide its institutional-grade wallet service.
According to the official announcement:
TRON came to us because of our reputation for delivering secure and compliant solutions designed for institutional investors. We’ve been working closely together to develop the first TRX institutional-grade wallet and custody offerings that provide on-chain, multi-sig security.
The institutional-grade Wallet that will be received by Tron from the BitGo firm consists of multi-signature security.
What is Multi-Sig Security
BitGo then explains in the blog post about the multi-sig security that Tron is going to get through the institutional grade wallet.
The firm states the concept of multi-sig security in the blog post:
Multi-sig is a digital signature scheme which allows two or more users to securely sign documents as a group. In the case of digital assets, funds are stored using a multi-sig address and must be accessed by two or more keys, which are held by separate individuals.
Tron is also excited to work with BitGo and they have expressed their excitement on twitter.
We are happy to welcome @BitGo as our partner. @BitGo will support #TRON by offering #TRON functionality across both hot (online) wallet and custody solutions. #TRXhttps://t.co/8WduArjdki
— TRON Foundation (@Tronfoundation) October 15, 2019
Tron Foundation also published a blog post on 14th Oct saying that any other platforms who seek the custody for TRX, they have a better option in the form of BitGo where they can get multi-sig security and custody for their TRX.
Tron co-founder, Justin Sun is happy on receiving the custodial support from the BitGo platform and says:
We are excited to be supported by BitGo, which will enable TRON to further delve into various DeFi applications and we welcome them as a partner.
According to the partnership agreement, both of the platforms will start working together from 8th Nov 2019 onward.
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