BitGo, the crypto wallet and blockchain security organization, recently announced that it would now be supporting the Gibraltar-based INX Limited. This is a crypto company, which is running the IPO (Initial Price Offering) of the first security token that has to be cleared by regulators in the United States. According to the announcement, BitGo will be providing INX Limited with liquidity, wallet, and custodial services. The firm specializes in providing custodial services, along with multi-signature wallets that offer security. It makes use of trading services focused on institutions for providing access to liquidity and it is referred to as BitGo Prime.
Hot wallets from BitGo are leveraged by INX Limited for receiving Ether, Bitcoin, and USDC stablecoin. These coins can be utilized for buying the exchange’s native coin. They are currently providing this offering in 14 states of the U.S. As far as BitGo’s role is concerned, the security firm steps in for help in converting the digital currencies and allocating the INX tokens to the buyers’ hot wallets. The fact that BitGo is a purely regulated firm can work in INX Limited’s favor. The latter will be able to attract bigger investments from institutional players, such as family offices, banks, and hedge funds.
Moreover, it also provides customers a single entry-point for trading digital currencies, security tokens, as well as crypto derivatives. In addition, when INX launches its fully operational crypto exchanges, they will be able to access cold storage custody with the help of BitGo Trust. Nick Carmi is currently heading BitGo Prime and he has held prominent positions in a number of notable financial institutions, which include Deutsche Bank, Barclays, and Lehman Brothers. A single gateway is used by Prime brokers for connecting investors and exchanges. They can directly use BitGo’s cold storage services for their trading needs, which have been available since 2013.
Moreover, BitGo will provide insurance to all investors, which can provide an extra layer of protection to their money. Currently, there is an insurance cover worth $100 million available to users for the digital assets that they hold in their accounts. It boasts a patented multi-signature wallet technology, which has become a favorite of many institutional players. INX was praised by Carmi for the work they have done. He stated that with its historic IPO, INX Limited is actually breaking new ground, which is quite a big deal.
He added that BitGo was working on developing seamless integration for connecting the INX trading platform easily with its own world-leading multi-signature wallet tech. Furthermore, they will also be providing the company with their liquidity, trading, and same-day settlement services. These could go a long way in helping INX progress in the industry and achieve its goals, something it may have had difficulty doing otherwise. Currently, INX Limited is trying to strengthen its position in the United States market and its partnership with BitGo could go a long way in helping the company achieve this goal.