BitGO as an ERC20 Epicenter
July 11 2018 - 1:23PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
July 11, 2018 -- ADVFN Crypto NewsWire -- How do we move the Crypto
space closer to the traditional world of investing?
BitGO is a company that
believes they are leading the charge. Following in the footsteps of
Coinbase and others, they are essentially trying to roll out a
crypto investing platform that works at scale for large financial
institutions.
Unlike Coinbase and those who have
come before them, BitGO appears to be the only one offering a large
suite of ERC20 tokens to institutional investors. Remember that an
ERC20 token is a Cryptocurrency or Blockchain project that used the
Ethereum network to ICO and therefore, roll out its entire
offering.
According to Coindesk, this
offering is unique and could spell a competitive advantage for
BitGO in that no other companies have targeted ERC20 tokens towards
large, traditional financial companies like JP Morgan and BNY
Mellon.
Judging by the opinions of BitGO
executives, this decision has also been made based on some sort of
hard data that indicates a hike in demand for what are called
“custody solutions” for assets
like ERC20 tokens.
Overarching all of this is the fact
that like Coinbase, BitGO is trying
to become licensed, which seemingly includes
obtaining a BitLicense in New York as
well as what can be termed a “qualified custodian license,” in
South Dakota.
What this all boils down to is that
they will offer a fully regulated exchange with basically no risk
of being shut down by lawmakers for any reason.
As to what the greater future
holds, according to BitGO, by the end of 2018, they hope to have a
total of more than 100 different cryptocurrencies on their
institutional exchange.
In any case, given that no company
has tried this at this scale before, their offering bears watching
as it unfolds.
By: BGN Editorial Staff
News:
Cryptocurrency
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