Blockchain security company BitGo announced on Tuesday it has expanded its custody services, adding support for 57 new ERC-20 assets.
The list includes several native tokens for decentralized cryptocurrency exchanges. Among the additions are also Kin (KIN), the crypto coin of chat messaging app Kik, Civic (CVC), a token tied to a system of blockchain-based identity service, and Dent (DENT), which was recently listed on one of the world’s leading cryptocurrency exchanges, Binance.
Reportedly, all of the cryptocurrencies added by BitGo have been requested by institutional investors amid growing demand for crypto-custody services.
“Our institutional clients want to hold a basket of digital assets, perhaps 20 or more, to provide better absolute and risk adjusted returns. Investing in Bitcoin, Ethereum, and Ripple is not enough diversification in a volatile, bear market and clients depend on us to provide the security for these assets,” Robin Verderosa, the head of product marketing at BitGO said in a blog post.
The company’s expanded ERC-20 coverage follows its April release of 13 Ethereum assets. The total number of supported tokens is set to reach 100 by the end of the year, BitGo revealed. Regarding the company’s future plans, Verderosa further indicated in an interview on Wednesday that BitGo is looking to obtain a BitLicense in New York and a qualified custodian license in South Dakota.
Founded in 2013, BitGo operates a Bitcoin security-as-a-service platform rooted in its innovative multi-signature technology, which is used as support for its product offering by sharing keys between the user and themselves. The platform also facilitates secure, multi-party transactions to marketplaces, exchanges, and e-commerce players. Currently, BitGo’s service is limited to larger protocols like Bitcoin and Ethereum.