BitGo, a well-known platform offering scalable and secure digital asset solutions, has announced a new partnership with Galaxy, a leading staking provider. The partnership targets to increase flexibility in the usability of the staked assets. The strategic collaboration permits BitGo users to stake assets by using Galaxy. It also leverages the protected tri-party collateral administration of BitGo.
Together, both entities intend to enhance user experience, when it comes to staked assets, to boost the adoption. BitGo and Galaxy have updated their respective communities by sharing the news of this strategic collaboration through their official X accounts.
BitGo and Galaxy to Increase Flexible Usage of Staked Assets
BitGo pointed out that the collaboration with Galaxy reflects a milestone achievement in asset staking. It enables consumers to have a seamless experience with staked assets. In this respect, they can also utilize the staked assets for financing.
The integration of BitGo’s advanced tri-party collateral administration plays a significant role in improving user experience. It reportedly uses the structured cold storage mechanism.
Offering Collateral Services with Staked Assets
As a result of this partnership, Galaxy has become the official staking provider for BittGo. Its integration reportedly brings an exclusive level of flexibility when it comes to staking. Particularly, this benefits institutions in their staking operations.
Apart from that, the development also promises the provision of matchless staking rewards for investors. Moreover, parallel to this, they can also utilize the staked assets thereof to carry out collateral purposes. Specifically, the staked assets can serve as collateral for loans as well as other products.
Bolstering Capital Efficiency and Flexibility for Users
According to BitGo, the mutual initiative signifies its efforts to increase growth opportunities for the users along with peak capital efficiency and enhanced flexibility. Adam Sporn, BitGo’s Head of Prime Brokerage and US Institutional Sales, believes that this development will let users effectively stake, finance, and custody digital assets as he stated,
“As our institutional clients look for solutions beyond custody, we continue to expand our offerings which include staking, tri-party collateral management and financing. We believe working with Galaxy will allow our clients to efficiently custody, stake, and finance their digital asset strategies.”
