BitGo, the digital security and trust company, has decided to roll out a distinct NFT-powered custody platform. This NFT-based custody platform caters exclusively to US institutions. The idea is to influence, encourage, and propel American institutions to be part of the NFT space and leverage a diverse range of security options. According to the Chief Product Officer at BitGo, the company is set to launch a first-of-its-kind US-driven custody platform.
In fact, US institutions will be able to integrate the NFT custody solution with their hot wallets without any issues. BitGo is aware of the fact that the recent plunge in the crypto market has had a significant impact on NFTs. Still, BitGo believes in a broadminded approach to harnessing the power of NFTs that can work in favor of the US institutions.
NFT Custody Solution: Who is it for?
Technically, the rollout of an NFT-based hot wallet along with a custody solution is ideal for retail marketplaces, traditional US institutions, and developers. By the end of Q2, experts predict that the NFT market will be able to regain its strength in the market. It is one of the main reasons the rollout of a new NFT custody solution from BitGo comes across as radical.
Partnership with Parallel Finance
The digital asset security provider also announced that BitGo has decided to collaborate with Parallel Finance, which operates as a decentralized staking and lending platform. Chen Fang, the Product Officer of BitGo iterates that this is the first legitimate NFT-based custody solution that institutions can integrate with their hot wallets.
As of now, BitGo services more than 700 institutions making this launch all the more important for the company and its clients. With this integration, clients will be able to interact with prominent decentralized marketplaces like OpenSea via BitGo’s hot wallet service.
Comparison to MetaMask
On the surface, this wallet service may seem similar to how users on the MetaMask integrate their hot wallets. However, MetaMask is a highly unstable and insecure solution to store a big amount of dollars in the form of NFTs. With BitGo’s dedicated NFT-powered custody solution, people can store their most valuable assets without security issues. One of the perks of using a hot wallet is that it makes it possible for institutional and retail investors to hold, send, and receive NFTs.
Multi-Signature Security Protocol
BitGo’s hot wallet comes with a multi-signature security protocol that ensures accessibility and support for people. Fang also highlights that the increased demand for NFT-based services hints at what’s on the horizon for institutional players. Nonetheless, BitGo wants to make sure institutional owners have full ownership and control over their digital assets without security and storage restraints.