BitGo partners with Algorand to offer multisig wallets and custody services

Wallets • August 1, 2019, 1:19PM EDT
The Block

Cryptocurrency custodian BitGo announced today that it is bringing multi-signature wallets and custody services to the Algorand blockchain. Both Algorand wallets and custody can now be accessed via BitGo, according to a company statement. 

Unlike traditional cryptocurrency wallets, where funds can be accessed via a single private key, multi-signature wallets require several keys to unlock funds. Many blockchains including the largest ones like Bitcoin and Ethereum already support them, while BitGo itself provides multi-sig wallet support for over 100 tokens. 

Meanwhile, Algorand just completed a $60 million token sale in June with much fanfare. The company is said to be valued at $24 billion.  

In the statement, Algorand head of operations Fangfang Chen said that "by providing custodianship services with multi-sig security as well as new staking opportunities, the BitGo partnership adds even more opportunities to participate in the Algorand ecosystem."

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Celia Wan profile picture Celia Wan

Celia joined The Block as a reporter after earning her BA in the History of Science from the University of Chicago. Having spent years pondering over why 2+2 cannot equal 5, she is interested in the history and philosophy of mathematics, computation, and cryptography. She also had a very brief stint at Crunchbase News.

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