According to the announcement made by Tron CEO, Justin Sun on Twitter, Tron team is seriously making effort to increase TRX accessibility to institutional investors. He expressed his gratitude to BitGo for making it possible for institutions to trade TRX now in the US.
— Justin Sun (@justinsuntron) February 21, 2019
Recently, the institutional crypto firm BitGo announced its intention to support Tron TRX as one of the cryptocurrencies it will assist to benefit from the institutional investment. In an effort to reduce the risk involved with investing in digital assets, the firm will let institutional investors take out insurance on the cryptocurrencies held for them.
According to the Chief Technology Officer at BitGo, Ben Chan, institutional investors need custodian who can provide support for a good set of cryptocurrencies. Bitgo seems to be the only firm which has the capability to fit into this description. It has over $2 million in crypto assets in hold for its customers. It also has the backing of strong venture capital funds like Goldman Sachs, Galaxy Digital Ventures, Digital Currency Group and more.
“Institutional investors want a wallet provider and custodian who can support a full range of digital assets so adding support for TRX later this year is an important step. BitGo is the only institutional digital asset company with a full product offering, from high-volume wallet platform to regulated custody services. Institutional investors are responsible for other people’s assets, and that requires the highest levels of security and regulatory compliance. BitGo will provide that for TRX.”
The crypto market has been turbulent and unstable, investors need security for their funds. BitGo is addressing this ongoing issue by providing $100 million of insurance to cover cryptocurrencies for offline keys in its custody. Tron TRX and other digital assets have been listed for this cover.