BitGo has unveiled its support for HyperEVM, providing secure access and custody for institutional users within the Hyperliquid ecosystem.
Summary
- BitGo has broadened its custody solution for institutions involved in Hyperliquid’s HyperEVM.
- The platform now offers custody for HYPE, along with self-custody and governance options.
According to an update from BitGo, its custody solution is now operational for Hyperliquid (HYPE), enabling institutional access to HyperEVM.
The integration, as noted by BitGo, facilitates qualified custody, allowing institutional investors to engage more deeply in the leading on-chain trading ecosystem. Essentially, users can utilize BitGo’s secure custody services while managing assets on the HyperEVM, including the native token HYPE.
Access is available through self-custody wallets, decentralized applications, and governance participation. The platform’s offerings encompass stablecoins, staking solutions, settlement options, real-world assets, collateral, and wealth management.
BitGo’s support comes shortly after Anchorage Digital Bank introduced custody support for HYPE, enhancing institutional-grade security within the HyperEVM.
Hyperliquid’s growth
HyperEVM, the Ethereum (ETH)-compatible smart contract layer of Hyperliquid, is central to its decentralized finance appeal. Currently, Hyperliquid L1 boasts over $2.53 billion in total value locked and exceeds $5.58 billion in stablecoin market cap.
As interest in DeFi escalates, BitGo’s backing enables institutional clients interested in Hyperliquid to engage confidently in the platform’s ecosystem.
As highlighted by crypto.news on August 26, spot volumes on the platform surged to $3.5 billion in one day, achieving a new 24-hour all-time high.
This increase coincided with a rise in Bitcoin and Ethereum deposits. With this milestone, Hyperliquid has positioned itself as the second-largest trading venue for spot BTC across both centralized and decentralized exchanges.
The growing interest in HYPE, as the Hyperliquid ecosystem expands, has recently driven open interest in the altcoin to a new all-time high. As of this writing, data from Coinglass indicated open interest stood at $2.17 billion.
