Internet-scale blockchain company, Elrond, has placed BitGo in charge of custody support for its eGold (EGLD) token.
Digital asset trust company, BitGo, provides security, compliance, custodial, and liquidity services for institutional investors.
The news comes after Elrond announced its token — which allows holders to support the Elrond network and earn rewards — would be available on professional trading platform, eToroX.
Elrond CEO, Beniamin Mincu, said: “The scarcity and robust economics of eGold have made our token an attractive option for investors.
“Thanks to the collaboration with BitGo, eGold is now ready to serve as a vehicle for regulated institutional investors, and to be integrated into platforms adhering to strict regulatory standards.”
Elrond is working to improve efficiencies on blockchains by bringing a 1000-fold cumulative improvement in throughput and execution speed.
Its network can process up to 15,000 transactions per second with 6-second latency and minimal cost. Bitcoin and Ethereum can only process 7 and 14 transactions per second, respectively.
The company recently announced a digital wallet and global payments app dubbed Maiar, which will be released next year. With Maiar, Elrond aims to get global crypto adoption and will have similar functions to PayPal, Venmo and Google Play — but it won’t collect personal information from its users.
BitGo leads in digital asset financial services. The firm processes over 20% of all global Bitcoin transactions and supports over 300 coins and tokens.
Its customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries.
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