- BitGo has announced the release of the first multi-signature and on-chain wallet for TRON (TRX).
- BitGo also offers custody solutions for TRX, enabling organizations with large amounts of capital to securely store their TRX.
The founder of TRON, Justin Sun, caused another sensation this week when he looked ahead to the release of a new product for the decentralized financial market. As always, he didn’t reveal exactly what it was, but asked the community about their ideas.
With this, Sun is once again heating up the rumour mill and drawing attention to the project. The payment service provider BitGo has been working on the development of a versatile TRX wallet for quite some time.
BitGo announces release of TRON Wallet and Custody Service
BitGo financial Service yesterday announced the official release of the first TRON multi-signature and on-chain wallet. In addition, BitGo has also developed a secure custody solution to meet the needs of larger financial institutions.
— BitGo (@BitGo) November 8, 2019
The Multi-Signature Wallet offers users the opportunity to particularly secure transactions. For a transaction to be released, several signatures must “sign” an existing signature with their private key, thus confirming that the transaction is trustworthy and may be released.
Multi-Signature Wallets use different private keys, which are assigned to several persons, to increase accountability, security and transparency, which cannot be achieved by other technologies so far.
In order to offer institutional investors a secure storage solution for their TRX, TRON in cooperation with BitGo has developed a custody service that meets the high compliance requirements and sufficient transparency. Benedict Chan, CTO at BitGo, explains that TRON can open up further markets with the new products:
We worked with TRON’s development team to develop their first multi-signature, institutional-grade wallet. TRON’s move towards on-chain multi-signature opens the door for financial services clients. Fiduciaries, who are responsible for other people’s money, demand the highest levels of security and compliance.
BitGo has been active in the crypto currency industry since 2013 and is a pioneer in providing multi-signature security and custody solutions for various cryptocurrencies such as TRON, Bitcoin, Ethereum and others.
Further advances in the TRON ecosystem
The BitTorrent network is growing and thriving and just a few days ago it recorded the participation of the three thousandth node in the BiTorrent network. The largest concentration of TRON nodes is in Europe, the United States of America and Asia. The BitTorrent protocol once handled 40% of the world’s traffic.
In addition, TRON achieved the following milestones:
- More than 4 million registered accounts have been registered on the TRX network
- TRX is included in the SafePal Wallet financially supported by Binance
- The Poloniex crypto currency exchange has integrated the TRX payout function on its Android app
- TRX was added to the portfolio on the Hydaxe exchange
- Samsung has integrated TRX into the Keystore Wallet
The price of TRX has been moving sideways (- 1.74%) over the last 24 hours and is at USD 0.019 at the time of writing.