Crypto Security Startup BitGo to Custody Zcash

Cryptocurrency security startup BitGo says it is adding privacy coin zcash to its supported crypto assets.

AccessTimeIconJul 25, 2018 at 12:00 p.m. UTC
Updated Sep 13, 2021 at 8:12 a.m. UTC
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Crypto security and storage startup BitGo is adding zcash to its platform, the firm announced Wednesday.

The privacy-focused cryptocurrency joins a number of major crypto assets on the startup's platform, which offers a multi-signature wallet and custodial products and services for users that include institutional clients. Just last week, the company also added support for 57 ethereum-based tokens, as reported by CoinDesk.

Clients will be able to store zcash in both BitGo's multi-signature wallets and its cold-storage custody solutions, according to the firm.

BitGo chief technical officer Ben Chan told CoinDesk that "zcash is a natural fit for BitGo as both are focused on privacy protection, security and cutting-edge technology." The cryptocurrency also comes to the platform following expressions of interest from institutional clients, he added.

Zcash engineer Brad Miller said in a statement that BitGo support will enable investors to "seamlessly send and receive zcash in a safe and secure way," in particular due the institutional-grade security standards the firm employs.

"The Zcash Company ecosystem team and BitGo worked collaboratively to ensure Zcash is well integrated and supported," he said.

Chan also indicated that the firm's addition of new cryptos will continue apace, with BitGo planning to list more than 100 tokens by the end of 2018.

As previously reported, BitGo filed for a charter to build its own regulated asset custody service. It is unclear yet when the BitGo Trust may open for business, but marketing vice president Clarissa Horowitz told CoinDesk in May that the startup is working with regulators on the process.

Chan said, BitGo is "on its way to be the first purpose-built digital qualified custodian."

Zcash and wallet image via Shutterstock

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