BitGo Announced Support for Digix’s Gold-backed Digital Token, DGX

BitGo Announced Support for Digix’s Gold-backed Digital Token, DGX

Gold-backed Digital Token

BitGo, a provider of Industry-leading multi-sig security, full custody Bitcoin and multi-user access controls, recently announced that it has added support for Digix’s gold-backed digital token, DGX.

DGX Token

Based on the description of the token from Digix’s official website. The token is backed by 99.99 percent gold cast bars from London Bullion Market Association-approved refiners. One token equals one gram of gold. Singapore-based Digix sells DGX, which are redeemable for gold in well-established vaults in the country.

Currently, BitGo, processes about 15 percent of all Bitcoin transactions done globally. This means about $15 billion worth of cryptocurrency transactions get processed on the platform. Currently, BitGo supports more than 80 crypto tokens and coins. This includes the most popular ones, such as Ethereum, Bitcoin, Bitcoin Cash, Litecoin and Zcash.

CEO of Digix, Kai C Chng has released statements regarding this latest addition to the platform.
He stated that:
“Having this integration places DGX on an industry-recognized platform and would be a springboard for DGX to be listed on other major exchanges as we head into Q4 2018.”

BitGo has plans to Attract More Institutional Clients

Based on a recent report, BitGo has recently received about $60 million from major institutional investment firms like Valor Equity Partners, Craft Ventures, Redpoint Ventures, Bitcoin bull Mike Novogratz, DRW, and Goldman Sachs. The purpose of this funding is to support the development of its $1 trillion crypto wallet.

The CEO of BitGo, Mike Belshe, has also made it known that the current focus of the company is to attract more institutions and wealthy customers who are seeking new ways to securely hold their assets. One of the ways through which the company plans to make this happen is through the addition of more cryptos to its platform.