- The service aims to eliminate the fragmentation in crypto token management.
- The token management service has attracted WorldCoin, Sui, LayerZero, and ZetaChain.
Crypto custody company BitGo has unveiled a token management service for crypto protocols and organizations. Its first customers are major protocols, including Worldcoin, Sui, LayerZero, and ZetaChain.
BitGo says the new product will enable the entities to manage their tokens with a one-stop regulated and insured platform. The token management service will use the regulated confines of BitGo Trust.
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Service Ends A Fragmented Landscape In Token Management
BitGo says many crypto firms encounter a fragmented landscape managing their tokens. The crypto custodian says it’s filling a gap in a fragmented market for smooth digital asset vesting, unlocking, and on-chain activities.
Bitgo head of sales Thomas Chen added about the challenges of a fragmented market landscape,
“It’s a mix of non-custodial wallets, web-only solutions, with the need to use a smart contract for distribution. So if I’m the head of operations for some new token protocol, I’ve got to strike up at least two different relationships, manage two to three different integration points, all the while trying to have a successful mainnet launch. It’s a tactical nightmare.”
According to BitGo, Web 3.0 has evolved from the transactional levels into a programmable economy in which new protocols are created, tokens minted, and tokenomics invented. Chen believes that leaving token management until the last protocol development stage feels like a “slow-moving train wreck.” Describing the situation as a “tactical nightmare,” BitGo emphasized the need for a simplified solution like its token management service.
