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INX LTD To Use BitGo’s Wallet, Liquidity and Custodial Services

INX LTD To Use BitGo’s Wallet, Liquidity and Custodial Services
INX LTD To Use BitGo’s Wallet, Liquidity and Custodial Services

Crypto wallet and blockchain security firm BitGo recently announced that it is supporting INX Limited, a Gibraltar-based crypto company operating the first security token IPO to be cleared by the US regulators.

What services will BitGo provide?

BitGo will provide wallet, liquidity, and custodial services to INX LTD. The firm provides multi-signature wallets alongside qualified custodial services. It provides access to liquidity through the institutional-focused trading services called BitGo Prime.

INX LTD To Use BitGo’s Wallet, Liquidity and Custodial Services

INX LTD leverages hot wallets from BitGo to receive Bitcoin, Ether, and USDC stablecoin. These coins can be used to buy the native coin of the exchange. The offering is currently available in 14 states in the US. BitGo steps in to help convert the digital currencies and allocate INX tokens to the wallets of the buyers.

Since BitGo is a regulated firm, it would help INX in attracting bigger investments from institutional players like banks, family offices, and hedge funds. It also enables a single entry-point for the customers for trading digital currencies, their derivatives, and security tokens. As soon as INX launches its fully operational exchanges, the BitGo Trust will provide them qualified cold storage custody.

BitGo Prime to drive the innovation

BitGo Prime is being led by Nick Carmi, who had previously held roles in several prominent financial institutions like Lehman Brothers, Barclays, and Deutsche Bank. Prime broker connects exchanges and investors using a single gateway. They can trade directly from the cold storage services of BitGo which has been in place since 2013. Investors will be insured by BitGo which adds an extra layer of protection to their funds.

BitGo currently provides a $100 million insurance cover to users for their digital assets held in their accounts. It has a patented multi-signature wallet technology that has become popular among institutional players. Carmi praised INX for its work and said,

“INX is breaking new ground with its historic IPO. At BitGo, we developed a seamless integration to easily connect the INX trading platform with our industry-leading multi-signature wallet technology, as well as our trading, liquidity, and same day settlement services.”

INX is trying to build a stronger position in the US crypto market.

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