Source for BlockChain News

Category archive

BitGo

BitGo Commences Service for Staking Coins

by
BitGo

BitGo

Over the years, the crypto exchange industry has evolved at a remarkably fast pace, and one of the well-known innovators in this space has been BitGo. Recently, the crypto exchange space has seen a spike in the development of staking services for customers, and in a new development, BitGo has decided to launch that service as well.

BitGo’s Staking Service

A staking service is a deposit on an exchange by way of which a user can earn annual returns on their crypto holdings. According to the announcement made by the crypto exchange, the staking service is going to be available in algorand and dash.

It is a significant step from BitGo, which has gradually grown into one of the more popular crypto exchanges in the world. Considering the fact that some of the biggest exchanges in the world, like Coinbase, are going to offer staking services, it is only natural that other exchanges are rushing to offer the same services.

The Chief Technology Officer of the company, Ben Chan, spoke about the development: “In order to be a great custodian, we need to provide our clients with the ability to use their assets in custody. Staking provides our clients with returns on their investments without ever moving their assets out of custody.”

>> Binance Introduces Native XRP on Binance Chain: What to Expect

In this regard, it should be noted that the exchange has stated that it is going to provide annual returns in the range of 7% and 13%. While it is true that those returns are higher than what is being provided by Coinbase, it is going to be interesting to see whether the company can actually poach customers due to higher rates.

Coinbase is going to offer annual returns of 6.6% at this point in time. BitGo went on to state that even when the tokens remain in cold storage, it is going to continue to generate returns for the user.

Featured image: DepositPhotos © burdun

If You Liked This Article Click To Share

BitGo Introduces Institutional Crypto Lending Service

by
BitGo

BitGo

The world of crypto has developed at a breakneck pace over the past few years, and in a new development, cryptocurrency firm BitGo has announced the launch of its own crypto lending service. In recent times, the crypto lending industry has grown at a decent pace, but there is still room for a lot of growth.

Key Expansion

The announcement from BitGo is an important one and could usher in a new era in this niche space in the crypto sphere. The company claims to handles 20% of all transactions that are conducted through Bitcoin, and the service is going to be launched today.

The company conducted a beta test spanning over a period of several months, and it seems, it is now good to go. BitGo is aiming to create a crypto lending service that is similar to services that are available in traditional markets, according to the head of financial services at BitGo, Nick Carmi. The lending service is going to offer loans that are fully collateralized, and in addition to that, there is going to be detailed reporting for each client.

>> Dogecoin (DOGE) Gets Support from Tesla CEO Elon Musk

Carmi also stated that the business that has been created by the company is not going to be a run-of-the-mill business interested in small margins and high volumes. He added, “We are building deep relationships with our clients to drive value for them and to create a long term, sustainable business.”

However, the most important thing to note about this product is the fact that it is only going to be open to institutional traders, and the company has no plans to make it available to non-institutional traders. Carmi is a veteran of Wall Street and stated that a service of this kind is a first for BitGo as well.

Featured image: DepositPhotos © iqoncept

If You Liked This Article Click To Share

Go to Top