BitGo rolls out NFT hot wallet and secure custody solution for institutions

Quick Take

  • BitGo has introduced a new NFT hot wallet and custody solution aimed at marketplaces, retail platforms and NFT portfolio holders.
  • The company says institutional infrastructure to protect digital assets has been missing as the NFT space grows.

BitGo, a provider of digital asset custody, security and liquidity services, has introduced a new non-fungible token (NFT) hot wallet and custody solution geared towards institutions.

Aimed at marketplaces, retail platforms and NFT portfolio holders, the service will enable BitGo’s 700 institutional clients to securely receive, hold and send NFTs, the company announced on Wednesday.

“The NFT space has seen massive growth in the past year along with an increasing set of use cases and applications. More builders are solving real world problems and more investors are participating. What’s been missing is the institutional infrastructure to protect these digital assets and their owners,” said Mike Belshe, CEO of BitGo.

High profile NFT hacks over the past few months have raised concerns about the need to encourage best practices when it comes to storage. Phishing scams, particularly on social media, have resulted in the theft of dozens of NFTs. More recently, hackers have targeted Discord severs belonging to the likes of Open Sea and the Bored Ape Yacht Club.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.