Institutional Crypto Giant Adding Ethereum Rival Avalanche (AVAX) to Suite of Altcoin Offerings

A leading institutional provider of digital assets is adding Ethereum (ETH) competitor Avalanche (AVAX) to its arsenal of altcoins.

In a new blog post, BitGo CEO Mike Belshe says that the firm can offer investors the security and efficiency they need to enter the world of digital assets – especially as the demand for high-speed decentralized finance (DeFi) platforms, such as AVAX, rises.

“BitGo is excited to provide our institutional clients access and safe custody to Avalanche as we see the strong demand for a more efficient DeFi ecosystem.

Institutional custody is not the same as retail custody and BitGo wallets and custody were designed from the ground up to meet the needs of institutional investors, and BitGo is the only independent qualified custodian focused on building the right market structure and facilities to enable institutions to enter the digital asset space with confidence.”

In a new interview with Yahoo Finance, Ava Labs President John Wu says Avalanche’s partnership with BitGo will not only provide assurances to larger institutions but for individual investors as well.

“BitGo [is] one of the old hands in the space. They are a trusted and secure source for not just individual people in crypto but also for enterprises and institutions.

Their partnership with us allows our fans more access because they are plugged in with many access points… and they allow institutions to really gain comfort in their own custody of things.”

BitGo was founded in 2013 and was acquired earlier this year by the capital market company Digital Galaxy. BitGo offers its services to 700 institutions across 50 nations and processes 20% of all Bitcoin (BTC) transactions worldwide.

The Ethereum rival’s native token AVAX is exchanging hands at $112.34 at time of writing, a 44% increase from its seven-day low of $77.87.

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Featured Image: Shutterstock/klyaksun


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