BitGo partners with Algorand to offer multisig wallets and custody services

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."