Token

Bitcoin ETF

LayerZero

Digital assets custody provider BitGo has unveiled a new solution the platform says will transform the way protocols manage token custody, distribution and liquidation.
According to BitGo, the Token Management platform offers an automated process that protocols and organizations can leverage to streamline their digital assets. The solution already benefits top protocols such as Worldcoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/worldcoin/">WLD</a>), Sui (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/sui/">SUI</a>) and LayerZero (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/layerzero/">ZRO</a>), BitGo said in a press release shared with crypto.news on Sept. 16.
Rather than have a fragmented system catering for stakeholders, projects can use the end-to-end solution for aspects such as token vesting, liquidity management, token unlocks and on-chain activities such as staking.
BitGo says its solution allows projects to benefit from a compliant, insured platform that brings its qualified custodian standards to the fragmented market.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/layerzero-becomes-bitgos-official-interoperability-protocol-for-wbtc/"> LayerZero becomes BitGo’s official interoperability protocol for WBTC </a>
<h2 class="wp-block-heading" id="21shares-picked-bitgo-for-etfs-custody">21Shares picked BitGo for ETFs custody</h2>
The launch of the one-stop crypto asset management platform comes a few days after digital asset exchange-traded funds issuer 21Shares chose BitGo as a custodian for its U.S. Spot ETFs. Specifically, BitGo will serve as the custodian for 21Shares ARK Bitcoin ETF and Core Ethereum (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/ethereum/">ETH</a>) ETF.
Both ARKB and CETH launched in 2024 following the U.S. Securities and Exchange Commission’s approval of spot Bitcoin ETFs for trading in January and spot Ethereum ETFs in July.
21Shares announcement added to BitGo’s presence in the crypto ETFs market, where the company provides custody services for Hashdex and Valkyrie crypto ETFs.
<h2 class="wp-block-heading" id="wbtc-and-launch-of-competing-tokens">WBTC and launch of competing tokens</h2>
BitGo is also the custodian of Wrapped Bitcoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/wrapped-bitcoin/">WBTC</a>), the Bitcoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/bitcoin/">BTC</a>)-pegged token that allows BTC holders to participate in DeFi.
Recently, WBTC has attracted some negative attention.
This follows BitGo’s announcement that it would be diversifying WBTC custody in partnership with BIT Global, a Hong Kong based firm linked to Tron (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/tron/">TXR</a>) founder Justin Sun. Sky, formerly MakerDAO, <a rel="noopener noreferrer nofollow" href="https://crypto.news/sky-mulls-cutting-support-for-wbtc-over-justin-sun-affiliations/">considered dropping WBTC</a> amid this controversy, while Coinbase <a rel="noopener noreferrer nofollow" href="https://crypto.news/coinbase-teases-new-wrapped-bitcoin-product-amid-ongoing-wbtc-controversy/">teased</a> its own product before going on to launch cbBTC.
Interestingly, 21Shares also <a href="https://www.globenewswire.com/news-release/2024/09/03/2939399/0/en/21-co-Expands-its-Wrapped-Tokens-Lineup-with-the-Launch-of-Wrapped-Bitcoin-21BTC-on-Ethereum.html" target="_blank" rel="noopener noreferrer nofollow">announced</a> its own wrapped Bitcoin dubbed 21BTC.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/coinbase-launches-cbbtc-a-wrapped-bitcoin-token/"> Coinbase launches cbBTC, a wrapped Bitcoin token </a>

BitGo launches unified token management solution for protocols

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