Crypto wallet and blockchain security firm BitGo has partnered with Digix to bring its DGX gold backed stablecoin to the service.
The Palo Alto-based startup is adding compatibility with a gold-backed token whose value is not subject to the wild volatilities of the cryptocurrency world or foreign exchange fluctuations. Digix’s integration will also help to increase liquidity in the ecosystem, which currently supports 85 cryptocurrencies. This stable-price coin can be used for loans, payments, and any other purpose that requires a stable store of value.
Digix digitizes physical metal gold in a safe and trustless way by backing each DGX with one gram gold from approved refiners of the London Bullion Market Association. The token offers public auditability of every chain of custody through Ethereum blockchain technology. The token provides real-time transparency and four third-party audits per year to verify authenticity. You can also redeem physical gold at any time.
BitGo’s patent multi-signature wallet technology has attracted institutional players because it offers an enterprise-grade custody service for their assets as well as application programming interface access to its underlying security platform. BitGo’s multisignature e-wallets require that transactions have at least two signatures before they can be executed. This is a security layer that helps reduce the risk of fraud.
More Cryptocurrencies on the Way
Customers can set spending limits and corporate Treasury policies to increase security. These policies require multiple approvals from customers in order to withdraw funds beyond the limits.
The company was founded in 2013. It started out as a bitcoin wallet provider. However, it has expanded into other cryptocurrencies. Now, the company supports many altcoins, including Ethereum, Ripple and Litecoin. The company plans to expand its offering to include more cryptocurrencies in future.
Earlier this month, BitGo has raised $15 million in new funding, led by Goldman Sachs and Galaxy Digital Ventures LLC, the venture capital firm founded by the billionaire Mike Novogratz.
Kai C Chng (CEO of Digix) spoke out about the integration and said that DGX was integrated into BitGo’s Digital Currency Support with Enterprise Access. BitGo is the market leader for institutional-grade cryptocurrency security, custodial and custodial services. It integrates with some of the most important virtual currency exchanges and players.