BitGo to Provide Institutional-grade Custody and Wallet for Tron (TRX)

The service will be rolled out from November 8, with BitGo adding that they have been closely working with Tron to establish the first TRX Institutional-grade custody and wallet offers.

As per the report, the offering comes alongside an on-chain and multi-sig security to deliver a more secure and compliant service to the institutional investors.

BitGo's Tailored Multi-sig for Institutional Investors

BitGo wrote: "TRON came to us because of our reputation for delivering secure and compliant solutions designed for institutional investors. [...] Multi-sig has been openly reviewed and tested by the security community."

In 2013, BitGo reportedly pioneered multi-sig security and emerged as an industry standard for the protection of digital wallets. Following the report, multi-sig is a digital signature scheme that enables two or more users to sign documents as a group securely.

"It works with a multitude of open-source tools, and we are very pleased to be extending it to TRX on November 8," BitGo added.

Meanwhile, using BitGo multi-sig, funds are stored using multi-sig mature addresses in the case of digital assets. The addresses require two or more keys which are held by separate users, in order to get access to the funds.

In a similar development reported on October 9, a Luxembourg-based cryptocurrency exchange, Bitstamp announced that BitGo would provide secure storage for crypto assets. The Bitcoin (BTC) exchange started transferring its assets to BitGo's wallets on October 10.

"BitGo has been one of our most trusted partners for many years, and this is a natural extension of our relationship. Their exclusive focus on institutional services has allowed them to develop the tech and processes necessary for running a robust and compliant cryptocurrency exchange." Bitstamp's chief technology officer David Osojnik added.