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BitGo offers the first multi-signature wallet technology for Hedera’s HBAR

By Pavithra R

December 18, 2020

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BitGo offers the first multi-signature wallet technology for Hedera’s HBARBitGo Prime, a digital asset financial services company has announced the launch of the first institutional grade wallet solution, providing on-chain, multi-signature security for Hedera’s HBAR token through its affiliate BitGo. Additionally, BitGo Trust has announced providing insured, cold storage custody solutions for Hedera.

Bitgo touts that the onboarding of Hedera brings the firm to over 300 coins and tokens, making it one of the largest collection of digital assets available on the market. The company enables businesses to integrate digital assets into their portfolios securely and at scale with 100% multi-signature technology. The firm pioneered multi-signature security in 2013, and since then, it has become an industry standard for security of digital wallets.

Multi-signature is an open-source protocol that went through thorough testing and evaluation by the security community. The technology makes use of distinct private keys specifically assigned to individuals for increased transparency, accountability, and security not available through other technologies.

“BitGo is providing institutional investors a way to store and secure the latest and most innovative digital assets available on the market today with a single, seamless, unified wallet platform. Our technical teams work closely with the development teams of emerging digital asset companies like Hedera to develop their first multi-signature institutional-grade wallets. In the future, we look forward to supporting asset issuers in the Hedera ecosystem as well,” said Pete Najarian, Chief Revenue Officer, BitGo.

Hedera Hashgraph is a public distributed ledger for building decentralized applications and aims to resolve 4 fundamental issues preventing mainstream market adoption of the public blockchain and other decentralized ledger technology — security, stability, performance, and governance. HBAR is the native cryptocurrency of the Hedera public network. These cryptocurrencies are used to power decentralized applications, build peer-to-peer payment and micropayment business models, and protect the network from malicious actors.

“BitGo’s custody solutions are trusted by leading institutions and exchanges globally. We are pleased that they have chosen to offer multi-sig wallet and custodial services for HBAR, further expanding our ecosystem and the ability for organizations to use HBAR to conduct transactions globally,” said Azeem Malik, VP of Global Business Development for Hedera.

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