On Monday (October 14), crypto custodian BitGo announced via a blog post that it has been working with TRON Foundation to "develop the first TRX institutional-grade wallet and custody offerings that provide on-chain, multi-sig security."
BiGo, one of the oldest and most respected leaders in the crypto custody space, explains in this blog post what it means by "multi-sig security":
Multi-sig is a digital signature scheme which allows two or more users to securely sign documents as a group. In the case of digital assets, funds are stored using a multi-sig address and must be accessed by two or more keys, which are held by separate individuals.
BitGo is planning to launch the first multi-signature, institutional-grade wallet for TRX on November 8.
Yesterday, TRON Foundation also published a blog post about this news, where it said this announcement means that "any exchange partners, prime brokers, and futures platforms that may want to custody TRX have a viable option to do so in a safe and compliant way through BitGo."
Justin Sun, a co-founder of TRON Foundation, had this to say:
We are excited to be supported by BitGo, which will enable TRON to further delve into various DeFi applications and we welcome them as a partner.
As for Benedict Chan, CTO of BitGo, he stated:
We worked with TRON’s development team to develop their first multi-signature, institutional-grade wallet. TRON’s move towards on-chain, multi-sig opens the door for financial services clients who demand the highest levels of security.