BitGo is supporting StableX Technologies in building a digital asset treasury, Cointelegraph reported on March 10 local time.
StableX plans to secure $100 million worth of crypto tokens for its stablecoin business. BitGo Trust Company will custody the assets. BitGo's trading platform will execute purchases through an over-the-counter liquidity desk.
StableX (SBLX) is a Nasdaq-listed company that develops stablecoin infrastructure and related technologies, and its shares rose as much as 9 percent after the cooperation announcement. Chen Fang (첸 팡), BitGo's chief revenue officer, said, "This partnership shows that BitGo's role is expanding as listed companies build digital asset vault strategies."
StableX is already expanding its digital asset treasury by buying tokens including Fluid (FLUID) and Chainlink (LINK). BitGo is a digital asset infrastructure company founded in 2013 that provides custody and trading services, and it listed on the New York Stock Exchange in January this year. I
Chi-gyu Hwang
delight@d-today.co.kr