BitGo Becomes First US Provider to Offer Canton Coin Custody Services
BitGo Enhances Security with $250M Insurance, Regulated Cold Storage, and Multi-Signature Protection for Canton Coin Custody
Key Points
- BitGo has announced custody support for Canton Coin (CC), making it the first US-based qualified custodian to do so.
- The Canton Network’s Global Synchronizer infrastructure uses the Canton Coin as its native token.
BitGo, a digital asset infrastructure company, recently declared its support for Canton Coin (CC) custody. This move makes BitGo the first qualified custodian in the US to offer such a service. The integration allows institutions to manage and hold CC, which is the native token of the Canton Network’s Global Synchronizer infrastructure.
BitGo: A Pioneer in US Custody Services
The new service includes regulated cold-storage custody with institutional oversight. BitGo offers $250 million in insurance coverage and multi-signature protection for Canton Coin holdings.
Institutions can also use self-custody wallets for treasury operations. These come with streamlined reporting and audit tools designed to meet regulatory standards.
Chen Fang, BitGo’s Chief Revenue Officer, emphasized the company’s commitment to promoting institutional adoption of digital asset networks. The company aims to provide meaningful utility enabled by Canton, delivering institutional-grade security and services for emerging ecosystems.
The Canton Network and its Coin
The Canton Network is a privacy-enabled blockchain designed specifically for regulated financial markets. The Canton Coin was launched alongside the Global Synchronizer MainNet in July 2024.
The token is earned by network participants who provide infrastructure or applications. It is not purchased through traditional exchanges. Currently, approximately 22 billion CC are in circulation, with over 300 participants using the token within the ecosystem.
The protocol uses the Daml smart contract language, enabling programmable privacy and horizontal scaling. Canton Coin is the native utility token for the network’s Global Synchronizer infrastructure, run by independent Super Validators.
The Canton Foundation has applied for admission to trading in the EU, with an expected initial listing on Kraken’s EU platform. However, no specific date has been confirmed yet.
Melvis Langyintuo, Executive Director of the Canton Foundation, sees BitGo’s support as a significant step toward institutional adoption of CC. This custody announcement positions BitGo ahead of potential public trading, similar to how the recent BaFin license acquisition in Germany positioned the company for European expansion.
BitGo’s Future Plans
BitGo intends to expand its infrastructure to support the full range of Canton Network assets beyond the initial custody launch. Future capabilities will include withdrawal functionality, token standard integration, stablecoin support, and Go Network compatibility.
The company also plans to provide trading and liquidity access for Canton Network assets.
This integration comes as BitGo CEO Mike Belshe continues to position the company as a bridge between traditional finance and digital markets. Founded in 2013, BitGo currently serves thousands of institutions with over $90 billion in assets on its platform.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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