PALO ALTO, Calif.–(BUSINESS WIRE)–BitGo, the leader in digital asset financial services, today announced support for Algorand, providing the industry’s first multi-signature wallet and custody services for the Algorand blockchain. Algorand wallets are now available via BitGo’s web interface or API. Algorand custody is available through either BitGo, Inc. or BitGo Trust Company, the first qualified custodian purpose-built for digital assets.
Algorand is an open-source software company building technical innovation for the borderless economy with a platform that delivers decentralization, scalability and security. Algorand’s first-of-its-kind, permissionless, pure proof-of-stake protocol supports the scale, open participation, and transaction finality needed by users to build opportunity and fulfill the promise of blockchain technology.
“Algorand has some new and interesting ideas around multi-phase proof-of-stake block generation,” said Ben Chan, Chief Technology Officer at BitGo. “We’ve enjoyed working with the foundation to bring multi-signature security to Algorand.”
“We are excited to welcome BitGo to the Algorand community,” said Fangfang Chen, Head of Operations at the Algorand Foundation. “By providing custodianship services with multi-sig security as well as new staking opportunities, the BitGo partnership adds even more opportunities to participate in the Algorand ecosystem.”
BitGo is the leader in digital asset financial services, providing institutional investors with security, custody, and liquidity solutions. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. The company supports over 100 coins and tokens, and has over $2 billion in assets in wallet and custody. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.