Crypto custody company BitGo has announced the launch of a regulated platform to escrow and manage native tokens for Web3 protocols.
BitGo has also reported this platform enables organizations working with cryptocurrencies, such as foundations and protocols, to effectively manage the distribution of tokens to investors, employees, grantees and other stakeholders.
While regulated digital asset custodians have been gaining popularity among investment managers and fund issuers in the United States, it is common for Web3 protocols to self-custody their tokens in onchain wallets or smart contracts.
BitGo's token management platform aims to streamline the process and handle everything from token acquisition and distribution to staking, liquidity management and tax reporting.