BitGo Integrates with Hedera (HBAR) Council
Zach Anderson Feb 29, 2024 05:22
BitGo joins the Hedera Council, promising to enhance the Hedera network with its digital asset security and trust expertise.
BitGo Trust Company Inc., a leading entity in digital asset trust and security, has announced its induction into the Hedera Council. This strategic partnership is set to bolster the progress and success of the Hedera network while fostering cutting-edge innovation in the digital asset space.
Founded in 2013, BitGo has cemented its reputation as a trailblazer in the industry, servicing over 1500 clients across the globe in more than 50 countries. Known for providing secure hot wallets and regulated custodial cold wallets through a unified platform and API, BitGo's expertise in digital asset security is unparalleled.
Prior to this collaboration, BitGo had already made substantial investments in engineering and product development to support the Hedera Token Service (HTS), and is operating six mirror nodes on the Hedera network, which is renowned for its open source, leaderless proof-of-stake protocol.
As the 32nd member of the Hedera Council, BitGo joins a group of diverse, top-tier organizations that are resistant to collusion and united in their commitment to network innovation and decentralization. The council's role includes running the initial network nodes and guiding Hedera's software and services development through a democratic voting process.
Mike Belshe, Co-founder and CEO of BitGo, expressed the company's dedication to Hedera and the broader potential of blockchain technology, highlighting the value of diverse, purpose-driven networks. BitGo's longstanding leadership in Web3 has primed it to collaborate effectively with other industry players for transformative change. The company is particularly excited about the prospects of future product development in the realms of real-world tokenization, settlement, and payment solutions through its association with the Hedera Council.
BitGo's robust security measures have already been integrated to support HTS tokens within its wallet platform. With a client base that spans fortune 100 companies, government bodies, and a variety of financial institutions, BitGo is set to further its influence within the Hedera ecosystem. The company plans to explore new opportunities to expand its offerings, including the Go Network for real-time USD and digital asset settlement.
Bill Miller, Chair of the Membership Committee for Hedera, lauded BitGo's extensive experience in product development, governance, regulations, and market strategy, stating that this expertise will be invaluable to the Hedera Council and the wider ecosystem. Hedera eagerly anticipates the advancements that BitGo's involvement will catalyze, in line with Hedera's vision for a secure, scalable, and sustainable network.
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