BitGo launches highly secure NFT hot wallet solution in the US

on Jun 22, 2022
  • Solution makes it possible to interact with OpenSea, Gem, Rarible, Looks Rare
  • 700 institutional clients can send, hold, and receive NFTs safely and securely
  • BitGo has been serving enterprises and institutional investors since 2013

Leading digital asset security, liquidity, and custody provider BitGo has launched an NFT custody and hot wallet solution in the US, Invezz learned from a press release.

First qualified form of custody

There has never been a qualified custody solution in the US for the NFT industry that’s compatible with hot wallets, providing NFT portfolio holders, retail platforms, and marketplaces with the guardrails needed to take part in the NFT ecosystem.

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This makes it possible to interact with OpenSea, Gem, Rarible, Looks Rare, ArtBlocks, and other decentralized marketplaces.

With this innovation, which uses multi-signature security and supports 24/7/365 withdrawals, the custody provider enables its 700 institutional clients to send, hold, and receive NFTs safely and securely. The wallet is compatible with Crypto Punks and the ERC-721 and ERC-1155 protocols.

Mike Belshe, CEO of BitGo, commented:

The NFT industry has seen amazing growth and a growing number of use cases and applications. The infrastructure to protect owners of digital assets has been missing. BitGo has been serving enterprises and institutional investors and helping them hold digital assets safely for almost a decade. We played a key role in constructing the guardrails in this industry. Now, we’re doing the same for NFTs.

Yubo Ruan, Parallel Finance Founder, added:

Our entire team is delighted to work with BitGo on their new NFT custody solution. For us, NFT security and the trust of our users are paramount. The same goes for BitGo. The NFT market has top security in the sector through our partnership with BitGo.

Storing assets with confidence

It is critical for institutions, investors, and creators to be able to store their valuable assets with confidence as the NFT market continues to develop and grow. Safety is a crucial issue to resolve, keeping in mind recent hacks and phishing attacks. BitGo clients now have access to its NFT hot wallet and custody solution.

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