By On 14 October 2019, High-Security Multi-Sig Wallet Company BitGo announced a new partnership with TRON, to support Tronix (TXR) in its hot wallet and custody solutions starting from 8 November 2019.
BitGo announcement will satisfy the increasing demand by its users to support TRX on its platform. The BitGo’s support will benefit TRX with further adoption by more institutional investors. Justin SUN, BitTorrent CEO and TRON’s co-founder said:
“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. “
The integration will open new doors for TRX to attract prime brokers, exchange partners, and potential platforms that may be interested in holding TRX. BitGo’s CTO Benedict Chan stated:
“We’ve 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.”
BitGo’s Multi-Sig Digital Signature
The multi-sig digital signature scheme allows multiple users to sign documents securely as a group. Multi-sig accounts are the blockchain comparison of joint accounts in the traditional banking system.
Bitgo explains that for digital assets, the funds are stored with a multi-sig address. To access the funds, a minimum of two keys that are held separately by different individuals must be produced. BitGo stated:
“TRON came to us because of our reputation for delivering secure and compliant solutions designed for institutional investors. We’ve been working closely together to develop the first TRX institution-grade wallet and custody offerings that provide on-chain, multi-sig security.”
The advance high-security features offered by BitGo are multi-user access and spending limits. The security community openly reviews and tests the multi-sig, which works with numerous open-source tools that BitGo is excited to extend to TRX.
Decentralized Finance (DeFi) Applications Exploration By TRON
Tronix (TRX) cryptocurrency runs on the TRON network. It connects the TRON ecosystem by powering transactions and applications on the chain. TRX already supports ten solid applications, including Credit card transactions, TRX online Transfers, Tokens Purchase, and BTT airdrops.
TRON has been making moves to further explore applications of blockchain technology into the development of Decentralized Finance applications.
In September, Loom Network announced that, together with Maker, they would turn Dai stablecoin into a multi-chain token by bringing in other major chains like TRON. Maker is currently the most significant decentralized finance product in the market. Loom stated:
“Right now, the largest stablecoin on TRON is USDT, and we believe a decentralized collateralized coin would serve the users of that chain greatly. There is a huge market opportunity for all the games on the TRON chain to accept payments using Dai. And in doing so, we may even start to see some DeFi apps pop up on TRON.”
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