- BitGo has launched full support for the Polygon (MATIC) blockchain.
- The support will enable BitGo to provide custodial and staking services for MATIC.
- MATIC price jumped in reaction to the development but has continued with consolidation.
The digital assets trust and security company BitGo has launched full support for the Polygon (MATIC) blockchain. In an announcement, the Polygon team explained that the latest development will allow BitGo to offer Polygon’s native MATIC token in hot wallets and qualified custody. It will also enable MATIC holders to stake their ERC20 tokens and earn associated rewards.
According to the Polygon team, BitGo became attracted to Polygon because of the intrinsic qualities of the Polygon blockchain. As a Layer 2 protocol that runs on Ethereum, Polygon boasts fast speed, low gas fees, and security. Its Proof-of-Stake consensus algorithm also shows the project’s commitment to carbon neutrality. The team claims that these are the factors behind the project’s widespread adoption.
Colin Butler, Global Head of Institutional Capital at Polygon Technology, said that the support from BitGo will only add to the already popular staking option among MATIC holders. He said: “Staking is extremely popular already amongst MATIC holders and we do not doubt that support from a leading custody provider like BitGo will only add to this.”
MATIC reacted to this news by bouncing off the trading session low of $0.9171, climbing up to $0.9610 within 14 hrs. However, the spike has faded as MATIC’s price looks to resume consolidation after the sustained rally since the beginning of the new year.
In a corroborating announcement by BitGo, Colin Fang, COO of the company said that offering more features for MATIC will enable BitGo to provide safer assets custody for investors. They will be also engaged with providing platforms with the necessary tools needed to build the future.
According to BitGo’s post, existing clients can start creating custodial wallets for both the native MATIC and ERC20 MATIC tokens on the Polygon and ETH chains respectively. This will enable them to access the staking options available on the platform.
The Polygon team recognizes BitGo as the first digital asset company to focus exclusively on institutional clients. They currently have over 1500 clients in 50 countries, including the world’s top cryptocurrency exchanges & platforms.
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