Crypto custodian BitGo announced on Thursday (October 3) that it had launched BitGo Staking.
Clients whose cryptoassets are held by qualified custodian BitGo Trust Company are now able to earn 7–13% passive income while their digital assets are held in BitGo's cold storage facilities. The new service currently supports Dash (DASH) and Algorand (ALGO), but BitGo has promised to introduce support for other cryptoassets later this year.
BitGo's press release also mentioned that it had acquired blockchain startup Hedge. Via's Hedge's staking infrastructure, BitGo can offer its clients the choice of either delegating staking to BitGo or to some other staking provider.
Ben Chan, CTO of BitGo, had this to say:
In order to be a great custodian, we need to provide our clients with the ability to use their assets in custody. Staking provides our clients with returns on their investments without ever moving their assets out of custody. Our acquisition of Hedge builds on the blockchain and staking expertise within our engineering platform to deliver an automated, end-to-end staking service.
As for Ryan Taylor, the CEO of Dash Core Group, he stated:
Building trust in cryptocurrency is a shared mission between BitGo and Dash, which led to our initial partnership last year. Dash support in BitGo Staking builds on this relationship and provides additional ways to derive value from Dash in a safe and secure environment. We’re thrilled to be a part of BitGo Staking’s inaugural launch and expect masternode owners will be as well.
Featured Image Courtesy of BitGo