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The popular cryptocurrency service firm and wallet provider, BitGo, has announced the launch of its multi-signature wallet and custody services with EOS (EOS)trade, the world’s eighth largest cryptocurrency by market capitalization.
EOS is a blockchain-based, decentralized platform aimed at developing and supporting apps on an industrial scale. Dan Larrimer has created the crypto scheme behind it and it is very similar to Ethereum (ETH)trade. The fundamental purpose of EOS is to provide easy-to-use techniques for developing dApps, facilitating instant trades and providing scalability.
Using consensus on events that focus on transactions, EOS can scale up to one million transactions per second, one of the highest rates (if not the highest) in the crypto market. Nodes verify through this the series of events that have taken place so far at that given moment. In addition to that, the EOS application does not require users to send messages and performs blockchain tasks with micropayments. App developers can decide on their strategy of monetization and transaction fees individually.
EOS digital coins, despite not having much value as a cryptocurrency, has crossed the capitalization of many other cryptocurrencies in the market because of its applications and interoperability. Today, 1 EOS coin costs about $3.60 with a 24-hour trading volume of $2,056,203,633.
Since its whitepaper was published in 2017, the cryptocurrency has aspired to be a huge success. In the past, the EOS coin could be bought or sold on crypto exchanges like Bitfinix and Kraken; while only few service providers, such as Metamask and MyEtherWallet, provided wallet for the digital currency.
But this recently changed as the cryptocurrency firm, BitGo, announced that it would make its wallet services compatible with EOS. The firm already supports around 200 different currencies and crypto tokens to provide a wide set of virtual assets for their clients.
BitGo is a leading security blockchain company highly renowned for individuals, institutions and organizations as a trusted cryptocurrency wallet and a vault service provider. Mike Belshe and Ben Davenport, headquartered in Palo Alto, California, set up this blockchain security company in 2013. By the end of 2017, this cryptocurrency wallet development company made a massive fundraising campaign that raised $42 million to improve the Bitcoin ecosystem within its platform.
BitGo has pioneered multi-signature security and is now providing institutional investors with security, compliance, custody liquidity services and recently it got into crypto insurance as well. With the announcement of EOS cryptocurrency compatibility in the BitGo system, the support for digital assets now range for over 200 cryptocurrencies on the platform.
According to the Chief Technology Officer at BitGo, Ben Chan:
“At BitGo we are dedicated to providing support over the wide array of digital assets our clients demand. The EOSIO software has some innovative differentiators like its high transaction capacity and fee model that required our engineering team to scale our platform. We were able to successfully create an experience for EOS users that is seamless and consistent with how we support other coins and tokens.”
The news itself is significant in the burgeoning cryptocurrency market. The crypto trading market is notorious for its volatility. But despite this, blockchain technology and cryptocurrencies continue to gain mainstream recognition, especially because of their various applications. EOS has a huge potential in the market and the announcement of BitGo wallet services for EOS may increase its popularity in the market.