BitGo, the world’s largest processor of on-chain Bitcoin transactions, has added support for Digix’s gold-backed digital token, DGX.
DGX Added to BitGo
With an increase in demand for cryptocurrency to be pegged to the value of gold, BitGo recently announced that it has added support for DGX along with an Enterprise Access.
The DGX is a token that is backed by 99.99 percent gold cast bars from London Bullion Market Association-approved refiners. One token equals one gram of gold. Singapore-based Digix sells DGX, which are redeemable for gold in well-established vaults in the country.
BitGo — a high-security multi-sig wallet, processes 15 percent of the world’s Bitcoin transactions. This is estimated to be about $15 billion worth of cryptocurrency processed on a monthly basis. The exchange is also said to hold above $2 billion in assets. Currently, the exchange supports more than 80 crypto tokens and coins. This includes the most popular ones, such as Bitcoin, Bitcoin Cash, Ethereum, Zcash and Litecoin.
CEO of Digix, Kai C Chng has released statements regarding this new addition.
He stated that:
“Having this integration places DGX on an industry recognised platform and would be a springboard for DGX to be listed on other major exchanges as we head into Q4 2018.”
BitGo Looking to Attract More Wealthy Clients
BitGo has been on the good side of institutional investment house of late. Recently, the company secured funding of about $60 million from major investment firms like Goldman Sachs, Bitcoin bull Mike Novogratz, Valor Equity Partners, Craft Ventures, DRW, and Redpoint Ventures. The purpose of this funding is to support the development of its $1 trillion crypto wallet.
The CEO of BitGo, Mike Belshe, has made the intention of the company known. He made it clear through a recent statement that the goal of the company right now is to attract more institutions and wealthy customers who are seeking new ways to securely hold their assets.