BitGo has added custody support for Canton Network, allowing institutional investors to tap into the crypto infrastructure providers’ solution for secure holding and management of the native Canton token.
Summary
- BitGo has added qualified custody support for privacy-first blockchain Canton Network.
- The integration makes the digital asset custody provider the first U.S.-based qualified custodian for the native token CC.
- Support includes $250 million in institutional insurance for large holdings.
BitGo announced its support that brings qualified custody for the Canton Coin token to institutions on Oct. 29, noting that the move means the platform is now the first U.S.-based qualified custodian for CC. The move comes not long after the U.S. Securities and Exchange Commission allowed BitGo, Ripple and Coinbase to become qualified custodians.
Canton, a public blockchain designed for institutional-grade privacy, boasts over $6 trillion in on-chain assets, and close to $280 billion in daily repo. The platform’s more than 600 validators sees Canton become not just a thriving ecosystem but also a huge player in the tokenized assets and stablecoin settlements space.
The Canton Network’s privacy-first architecture connects digital assets and traditional finance, with 24/7 settlement, collateral mobility, and institutional control.
Offering its solution to the benefit of users on this network is the goal, Chen Fang, the company’s chief revenue officer, said.
BitGo to offer institutional insurance
BitGo’s support will cut across a range of services, including self-custody deposits, withdrawals, token standard integration and stablecoins.
The integration also brings Go Network compatibility, trading and liquidity access.
According to details, the integration with Canton offers regulated, cold-storage custody solutions as well as insurance protection worth up to $250 million.
Source: https://crypto.news/bitgo-expands-institutional-custody-support-to-canton-network/
