BitGo is a developer of a technology platform designed to make digital currencies usable for business in a regulated economy. The company's platform offers various services to keep Bitcoin secure from theft and loss and also provides an enterprise suite of services for Bitcoin-related portfolio management, corporate treasury and enterprise enablement, enabling businesses and financial institutions to integrate digital currencies into their existing financial systems.
On April BitGo announced that they would expand their services by adding support for storing Stellar USDC in their custodial wallet. BitGo becomes the first non-exchange wallet to support Stellar USDC and provides institutions with a method to freely move and exchange USDC in a secure and regulated environment.
https://www.stellar.org/blog/leading-crypto-custodian-bitgo-now-supports-stellar-usdc
On the heels of the recent launch of USDC on Stellar, we’re delighted to see trusted custodian BitGo expand their services in the Stellar ecosystem by becoming the first major custody provider to offer full support for the asset. BitGo, a full-service digital asset platform providing institutional investors liquidity, custody, and security solutions, now supports storing Stellar USDC in their custodial wallet, making it easy to hold USDC in a secure and regulated environment.
Back in 2019, BitGo began supporting digital assets on Stellar starting with lumens and a number of additional tokens, including Smartlands, AnchorUSD, and ETH Stellarport. By demonstrating the power of their pioneering multi-signature solution on Stellar, BitGo has shown that institutions can have it all in one wallet: speed, security, and low transaction costs. As the world’s leading digital dollar stablecoin, USDC was a natural addition to the list of Stellar assets BitGo supports.
Being the first non-exchange wallet to support Stellar USDC, BitGo provides a high-value service to their clients. Many institutions use multiple exchanges to purchase and sell crypto in batch amounts, but seldom keep entire portfolios in just one exchange. However, moving crypto around can result in hefty transaction fees and slow settlement times. By leveraging Stellar USDC, institutions are able to take advantage of Stellar’s less-than-five second transaction speeds and negligible transaction fees to move their funds between exchanges and BitGo’s custodial solution.
Cost to Transact: Stellar vs. Ethereum
Monthly Average Fee per Transaction (log scale)
Users can now purchase Stellar USDC from Circle and transfer it to BitGo for Qualified Custody or use BitGo’s hot wallet API infrastructure for facilitating payments. As the first custodian to support Stellar USDC, BitGo has opened the door for future partners and exchanges to offer USDC support as well, empowering more businesses to adopt and leverage this renowned stablecoin on an efficient and low-cost network.
