BitGo Custodian Adds Blockchain Capital’s Tokenized Shares
The BitGo custodial wallet started supporting the security token BCAP, developed by the venture firm Blockchain Capital. Customers of the service will now be able to store the tokenized securities under the US law, CoinDesk reports.
The regulated custodian BitGo offers a specific digital wallet with a multi-signature that is suitable for the ERC-20 standard coins.
When asked why BitGo was chosen as the provider of custodial solutions, Brad Stephens, a Blockchain Capital co-founder, claimed that it was essential for the company that the storage service is absolutely secure while easy to manage.
The BCAP security tokens were introduced in April 2017. Each of them represents one share of the Blockchain Capital Venture Fund and provides access to the company's assets. There are 10,000,000 BCAPs in circulation, valued at $2.68 per one.
The tokenized shares of Blockchain Capital can only be found in secondary markets. According to the issuing company, this allows investors to take advantage of the liquidity of these assets.
Along with BCAP, BitGo provides support for over 100 different currencies and tokens, and according to the company, assets worth more than $2 billion are stored in its wallets.
Since January 2019, BitGo has been accepting deposits in fiat, but still only in US dollars. Besides, the custodian and several other companies have developed and launched a new asset — Wrapped Bitcoin (WBTC), a token tied to the first crypto. According to CoinMarketCap, there are 65 WBTC in the market, and their price is identical to that of bitcoin.
As previously reported, BitGo intends to add support for the Tron cryptocurrency during 2019.