BitGo Expands Institutional Custody Support for Canton Network

An Image Of A BitGo Blockchain Integration

BitGo has recently announced the addition of custody support for Canton Network, enabling institutional investors to securely hold and manage the native Canton Coin. This development positions BitGo as the first U.S.-based qualified custodian for Canton Coin, following recent approvals from the U.S. Securities and Exchange Commission. The Canton Network is recognized for its robust infrastructure benefiting from institutional-grade privacy and significant assets in the blockchain space.

Key Takeaways

BitGo has started offering custody support for Canton Network, enhancing institutional investors’ access to the Canton Coin.
This move makes BitGo the first U.S.-based qualified custodian for Canton Coin.
The Canton Network features over $6 trillion in on-chain assets and benefits from a privacy-first architecture.
BitGo will provide a range of services including insurance protection of up to $250 million and regulated cold-storage custody solutions.

Introduction to BitGo and Canton Network

BitGo has expanded its offerings by incorporating custody support for Canton Network, allowing institutional investors to leverage the crypto infrastructure for secure management of the native Canton token. Announced on October 29, this development marks BitGo as the first U.S.-based qualified custodian for Canton Coin (CC). This step follows the U.S. Securities and Exchange Commission's recent approval, enabling BitGo, Ripple, and Coinbase to serve as qualified custodians.

Canton Network’s Strengths

Canton is a public blockchain that emphasizes institutional-grade privacy, supporting over $6 trillion in on-chain assets and approximately $280 billion in daily repurchase agreements. With more than 600 validators, Canton not only fosters a vibrant ecosystem but also positions itself as a leading player in tokenized assets and stablecoin settlements.

Canton Network’s privacy-first architecture seamlessly connects digital assets with traditional finance, offering features like 24/7 settlement, collateral mobility, and institutional control. The overarching aim of this integration is to enhance the user experience on the network, according to Chen Fang, BitGo’s Chief Revenue Officer.

Comprehensive Custody Solutions by BitGo

BitGo’s support encompasses a variety of services, including self-custody deposits, withdrawals, token standard integration, and stablecoin services. The collaboration with Canton also introduces Go Network compatibility, allowing for extended trading and liquidity access.

Notably, the integration with Canton is designed to provide regulated cold-storage custody solutions, complemented by insurance protection that covers up to $250 million. This comprehensive approach not only secures assets but also gives institutional investors a trusted framework for their crypto needs.