A crypto custody provider BitGo supports cryptocurrency staking

BitGo announced support for crypto staking within its insured custody offering.
The solution combines the benefits of cold storage and insurance.

Tanya Abrosimova Independent Analyst

Crypto custody provider BitGo is now supporting cryptocurrency staking as part of its insured custody services.

A cryptocurrency custody service provider BitGo has announced support for staking market. It means that staking providers now can use BitGo services to store their coins and transfer staking rewards to their customers.

Staking means that owners of a cryptocurrency are rewarded for holding it for a certain period. Previously, such features were not available at BitGo, a Palo Alto-based company that offers secure storage of cryptocurrencies.

Many companies, including a blockchain-based bank Celsius Network, have joined BitGo to be able to use its new solution. Thus, Celsius that offers staking of Dash moved its masternodes to BitGo, to make surer that its client’s coins are secure.

BitGo offers instant access to digital assets, along with the benefits of insurance to cover any losses. This announcement marks the next step in custody services evolution that will see the move from cold storage services to insurance-based solutions.

BitGo plans to extend the range of the services within the solution by providing custody services for proof-of-stake coins and other staking providers.

Author

Tanya Abrosimova

Independent Analyst

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