BitGo has launched staking with Dash support for its secure custodial platform, allowing investors, including institutions to earn passive recurring income from their investments.
Announced this week, cryptocurrency custodial an enterprise solution BitGo has launched a new staking service, including support for Dash. Clients with assets with a BitGo Trust custodial services will be able to earn recurring income off of their Dash. This new functionality is facilitated by the company’s recent acquisition of staking infrastructure provider Hedge, potentially paving the way for future integrations of staking-supporting assets. According to BitGo CTO Ben Chan, providing staking options increases the utility of the service by allowing customers to still use their assets while in custody in the form of staking payouts:
“In order to be a great custodian, we need to provide our clients with the ability to use their assets in custody. Staking provides our clients with returns on their investments without ever moving their assets out of custody. Our acquisition of Hedge builds on the blockchain and staking expertise within our engineering platform to deliver an automated, end-to-end staking service.”
BitGo’s assets are held in custody in cold storage leveraging the company’s famed multisignature technology, keeping assets secure by both keeping them offline and inaccessible to any sole party. This may provide a preferable solution to being solely responsible for the security of masternode funds for some Dash users.
Another key integration lending to Dash’s legitimacy
According to Ryan Taylor, CEO of Dash Core Group, the addition of Dash to BitGo staking further increases trust in the project to potential investors, especially those who may be attracted to investing in a masternode and earning recurring income, yet may be intimidated by the risk of loss by maintaining full responsibility over the security of their funds:
“Building trust in cryptocurrency is a shared mission between BitGo and Dash, which led to our initial partnership last year. Dash support in BitGo Staking builds on this relationship and provides additional ways to derive value from Dash in a safe and secure environment. We’re thrilled to be a part of BitGo Staking’s inaugural launch and expect masternode owners will be as well.”
BitGo previously integrated Dash about a year ago, paving the way for future integrations such as BitGo staking and the many platforms and services which use its multisignature infrastructure. Notably, VegaWallet integrated Dash the first quarter of this year as the first BitGo integration for Dash.
The rise of additional solutions for every kind of Dash investor
The BitGo Staking integration adds to the ever-growing list of services targeting the Dash ecosystem which provide additional options around investing. Pooled masternode service CrowdNode allows users with fewer than 1,000 units of Dash to still earn recurring rewards, and recently passed 500 users creating a total of 26 masternodes. SALT Lending added support for Dash masternodes earlier this year, allowing users to take out a loan against their masternode while still possessing control over voting keys and earning their recurring rewards.