BitGo has introduced custody support for the Canton Network, enabling institutional investors to utilize the crypto infrastructure providers’ solution for secure management and holding of the native Canton token.
Summary
- BitGo has launched qualified custody support for the privacy-focused blockchain, Canton Network.
- This integration makes BitGo the first U.S.-based qualified custodian for the native token CC.
- It includes $250 million in institutional insurance for substantial holdings.
BitGo announced its custody support for the Canton Coin token to institutions on Oct. 29, highlighting that it is now the first U.S.-based qualified custodian for CC. This announcement follows the U.S. Securities and Exchange Commission’s recent approval for BitGo, Ripple, and Coinbase to act as qualified custodians.
Canton, a public blockchain optimized for institutional privacy, holds over $6 trillion in on-chain assets and nearly $280 billion in daily repo. With more than 600 validators, Canton has emerged as a significant force in the tokenized assets and stablecoin settlements arena.
The privacy-first architecture of the Canton Network connects digital assets with traditional finance, enabling 24/7 settlements, collateral mobility, and institutional oversight.
Chen Fang, the company’s chief revenue officer, stated that the goal is to offer solutions that benefit users of this network.
“BitGo is dedicated to fostering the institutional adoption of digital asset networks and providing significant utility enabled by Canton. This reflects our commitment to delivering institutional-grade security and services for emerging ecosystems,” Fang remarked.
BitGo to provide institutional insurance
BitGo’s support encompasses a wide array of services, including self-custody deposits, withdrawals, token standard integration, and stablecoins.
The integration also introduces Go Network compatibility, along with access to trading and liquidity.
“This marks a crucial advancement towards the institutional adoption of CC and support for the wider Canton ecosystem,” stated Melvis Langyintuo, the executive director of the Canton Foundation.
Details reveal that the integration with Canton provides regulated, cold-storage custody solutions, along with insurance coverage up to $250 million.
