Dec 13 2023
BitGo, a leading digital asset trust and security company, has joined Liquid Collective to offer Qualified Custody for LsETH. BitGo’s clients can now securely custody LsETH, Liquid Collective's receipt token that represents ownership of staked ETH and its associated rewards.
The offering expands BitGo’s custodial support into the rapidly-growing liquid staking market, which has grown to become one of the largest sectors of DeFi in the last year. As a Liquid Collective Custodian, BitGo will join the collective of leading web3 teams building and running the enterprise-grade protocol designed to meet the needs of institutions.
"We are excited that BitGo has launched LsETH custody. BitGo’s regulated financial services, robust infrastructure, and emphasis on security make them an ideal partner in our work to bring secure and compliant staking solutions to the forefront of the crypto industry,” said Mara Schmiedt, CEO of Alluvial, a team supporting Liquid Collective’s development. “This collaboration marks a significant step forward in bridging traditional financial services with the innovative potential of web3 ecosystems."
“BitGo is pleased to announce the integration of LsETH from Liquid Collective into our custody services. LsETH, as a liquid staking solution, provides our clients with an innovative approach to Ethereum staking, combining the potential for earning staking rewards with the flexibility of liquidity. This integration reflects our commitment to support the dynamic DeFi space while maintaining the highest standards of security and regulatory compliance, ensuring our clients have access to the most secure and scalable custody options in the market,” said Chen Fang, COO of BitGo.
BitGo's custody solution stands out for its robust security measures, along with being insured and regulated as a qualified custodian. All keys are securely held offline in cold storage, fortified by multiple layers of security processes. This ensures that BitGo's diverse user base, which includes institutional investors, financial service providers, and trading firms, can have peace of mind when storing their LsETH.
BitGo is the leader in digital asset custody and security solutions. Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets and established BitGo New York Trust in 2021. In 2022, BitGo launched institutional-grade DeFi, NFT and web3 services. BitGo secures approximately 20% of all onchain Bitcoin transactions by value and supports more than 700 digital assets within its platform. BitGo provides the security and operational backbone for more than 1500 institutional clients in 50 countries, including many regulated entities and the world’s top cryptocurrency exchanges and platforms.
For more information, please visit www.bitgo.com
About Liquid Collective
Liquid Collective is the secure liquid staking standard: a protocol designed to meet the needs of institutions, built and run by a collective of leading web3 teams. Liquid Collective will be governed in a decentralized manner by a broad and dispersed community of industry participants.
Learn more at https://liquidcollective.io
BitGo offers third-party products that are not offered by or in partnership or affiliation with Liquid Collective. Products and services offered by BitGo and other third parties are subject to separate terms and conditions Please visit https://www.bitgo.com/ for more information.