BitGo Expands Its Support for the Hyperliquid Ecosystem with HyperEVM

BitGo has announced that it is now supporting HyperEVM, providing secure access and custody solutions for institutional users within the Hyperliquid ecosystem.

Key Takeaways

BitGo has launched a custody solution for the Hyperliquid ecosystem via HyperEVM.
Institutional investors can now securely access the Hyperliquid on-chain trading environment.
Integration enables participation in governance, staking, and the use of various financial products.
Hyperliquid has seen significant growth, with over $2.53 billion total value locked and topping Bitcoin trading volumes on multiple exchanges.
Recent interest in the native token HYPE has led to all-time highs in open interest.

BitGo expands support to the Hyperliquid ecosystem with HyperEVM

BitGo's Custody Solution for HyperEVM

In a recent update, BitGo confirmed that its custody service is now operational for Hyperliquid, granting institutional users secure access to HyperEVM. This integration permits qualified custody, enabling institutional investors to further engage in one of the leading on-chain trading ecosystems. Essentially, users can utilize BitGo’s secure custody service while managing assets on the HyperEVM, which includes its native token, HYPE.

Access and Services

Users can now access HyperEVM through self-custody wallets, decentralized applications, and can actively participate in governance decisions. The platform also provides a range of financial products such as stablecoins, staking solutions, real-world assets, collateral management, and wealth management services.

Hyperliquid

Competitive Developments

BitGo’s expansion comes shortly after Anchorage Digital Bank added custody support for HYPE, enhancing the security for institutional-grade transactions within the HyperEVM.

Understanding HyperEVM

HyperEVM serves as the Ethereum-compatible smart contract layer of Hyperliquid, which is essential for the platform's decentralized finance capabilities. Currently, the Hyperliquid Layer 1 has over $2.53 billion in total value locked and boasts a market cap of more than $5.58 billion in stablecoins.

Market Performance and Growth

As the decentralized finance (DeFi) sector continues to thrive, BitGo’s entry into Hyperliquid will help institutional clients engage more confidently with the platform. On August 26, crypto.news reported that spot trading volumes surged to $3.5 billion within 24 hours, marking an all-time high. This spike coincided with increased deposits of Bitcoin and Ethereum, positioning Hyperliquid as the second-largest trading venue for spot Bitcoin across centralized and decentralized exchanges.

Rising Interest in HYPE

As the Hyperliquid ecosystem attracts more attention, the demand for HYPE has driven open interest in the altcoin to an all-time high, reaching $2.17 billion, according to data from Coinglass at the time of writing.

This expansion by BitGo signifies a promising phase for institutional investors in the Hyperliquid space, emphasizing the growing importance of security and access in the evolving world of cryptocurrency.