BitGo planning on adding 100 Crypto Assets

There is absolutely no doubt now that cryptocurrencies are developing at a more rapid pace than any other industry. Although the volumes are not nearly as big as Forex or stocks, it’s amazing how much cryptocurrencies are ahead in terms of innovation and additions to their platforms.

A testimony to cryptos developing is the new names we keep hearing in the news. Not only cryptocurrency names, here we are emphasizing the assets like tokens, altcoins, exchanges and etc. The platforms created to accommodate traditional traders are growing at a rapid pace, although the prices seem to be down quite a lot, it isn’t something to worry too much about as the volatility of these assets is yet to be stopped.

BitGo’s ambition

The reason we needed such a long intro is to showcase the dedication of one company called BitGo. The company is focused on providing blockchain security and crypto wallets to its customers, the reason they are to be showcased is that of their latest announcement. According to the story BitGo has decided to take a massive leap and feature more than 100 coins and tokens by the end of 2018. Now many think that featuring 100 coins in just 1 month is impossible, but that’s what cryptocurrencies are made to do, beat the impossible.

According to BitGo’s statement, the company is aiming at adding the less volatile cryptocurrencies. This may be a strange move for some people as cryptos are traded Because of their volatility. However, it is easy to understand the company’s decision, the industry cannot thrive upon just existing customers, it needs to somehow attract new ones, and one of the best ways to do it is to feature a safer version of cryptos.

The list does not consist of the traditional cryptocurrencies however, you may know these assets as stablecoins. One of the most popular ones featured is going to be MakerDAO’s Dai (DAI), TrueUSD (TUSD), Gemini Dollar (GUSD) and many many more.

Potential changes in the market

The company’s decision does not come unwarranted. The demand for custody solutions for assets like altcoins and tokens has been increasing. The reason being the falling prices of the leading cryptocurrencies for the past couple of months. Sure it was possible to get something out of Bitcoin and Ripple this past month, but in most cases, it required a really large investment. Some cryptocurrency enthusiasts are not used to funneling a lot of money in one investment, most of the ones you’ll meet have already diversified. Smaller cryptocurrencies like the ones to be featured on BitGo have a potential of gaining massive profits for a relatively smaller investment.

But there are setbacks to be considered. Although profits could be high with small investments, this should immediately trigger some sort of skepticism in traders. Is it reliable? No, definitely not. Smaller cryptos aren’t the safest to invest in, stablecoins sure, but not these small altcoins. In addition, featuring these smaller altcoins could actually diverge attention from the bigger ones like Bitcoin and Ethereum, this may not seem too serious at a glance, but the popularity of cryptos is pretty much dependent on the strength of Bitcoin.

BitGo’s background

The cryptocurrency firm was founded in 2013 and started to operate as a Bitcoin wallet provider. After some time of being Bitcoin exclusive, the company saw potential in other cryptos and branched out with them. One of the primary coins it now features are Bitcoin, Ripple, Ethereum, Litecoin, Bitcoin Gold and Bitcoin Cash.

But there was one feature that helped them set themselves apart from the rest of the competition. Their patent multi-signature wallet technology. What’s so great about it is the security innovations for it. For example, the project was able to attract institutional customers because of the programming, which allows access to the underlying security platform. Now if you don’t understand all the tech-talk, it just means that companies will have a lot more security with their assets because of their special treatment.

BitGo didn’t stop there with its wallet and introduced a spending limit. For example, you can set a specific amount of funds that can be transacted within a single day. Now, this may inhibit you from high-end trading, but at the very least, you’ll be able to sleep soundly knowing that even if it does get hacked, you won’t be losing much.

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Konstantin Rabin

About the Author: Konstantin Rabin

Konstantin has been working in the financial services industry since 2011. He is over-viewing various updates in the technology, regulation, and market movements. He's passionate about games and has a cute cat named Dog.

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