BitGo wallet announced today that it is adding support for Stellar network’s native coin XLM. BitGo has now become the first multi-signature wallet and custodial solution supporting this cryptocurrency.
BitGo Now Supports 115 Digital Currencies
In mid-November, the number of coins supported on BitGo’s wallet was 100. Since then, the wallet has added 15 new coins. Apart from XLM, the platform already supports Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, Zcash, Bitcoin Gold and a host of ERC20 tokens including 0x, BAT, GNT, and more.
The custody and wallet solutions provided by BitGo are 100% multi-signature which help in providing top of the line security to an institutional investor who wants to invest in cryptocurrencies but wants to avoid risks at the same time. BitGo currently supports 9 blockchains including the top 5 coins by market cap. It also supports 5 stablecoins and 101 ERC20 tokens.
What Is BitGo
BitGo CEO Mike Belshe talked about the value of the Stellar network in an October interview on Balancing the Ledger on Fortune. The network facilitates cross-asset value transfers, cross-border payments and provides instant settlement execution as well.
Ben Chan, BitGo’s chief technology officer, commented on the addition:
“We’re continuously adding support for digital currencies that our clients express interest in, and lumens are a natural next addition. The Stellar network offers BitGo clients access to a public financial structure for cross-border transfers, making XLM an important new asset for investors.”
With BitGo’s support, Stellar users will not have to use a manual process for creating multi-signature wallets for their Lumens. They can quickly add their XLM holdings to BitGo and enjoy superior security. BitGo also supports the federated address syntax, an email like payment system that makes payment sharing easy.
Stellar Development Foundation co-founder Jed McCaleb praised BitGo’s offerings, adding that it “broadens institutional client exposure to Stellar by making it significantly easier and more secure to hold XLM.”