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Hedera Welcomes BitGo: Powering Next-Gen Digital Asset Security

source-logo  crypto-news-flash.com 29 February 2024 14:36, UTC
  • BitGo joins Hedera Council, enhancing digital asset security and fostering web3 innovation.
  • Partnership aims to deliver real-world value through advanced DLT applications.

Hedera Hashgraph has officially announced the addition of BitGo, a trailblazer in digital asset trust and security, to its prestigious Governing Council. This partnership marks a new era for Hedera, known for its innovative distributed ledger technology (DLT), as it joins forces with a company that boasts over a decade of expertise in the web3 space.

BitGo, renowned for its pioneering work in securing digital assets for institutional clients, brings to the table a rich history of innovation and a deep understanding of the complexities involved in digital asset security.

1/ We are excited to announce that leading #DigitalAsset trust and security company @BitGo has joined the #Hedera Council, bringing with it over a decade of experience in #web3 to support innovations and invest in the future success of the Hedera network.https://t.co/wFZID7XbUx

— Hedera (@hedera) February 28, 2024

Hedera Strategic Alliance for the Future of Web3

The integration of BitGo into the Hedera Council is more than just a partnership; it’s a strategic alliance aimed at fostering innovation and securing the future success of the Hedera network. This collaboration is set to leverage BitGo’s extensive experience and its cutting-edge solutions for digital asset security, to enhance the Hedera ecosystem’s robustness and its appeal to institutional users.

The Hedera network, distinguished by its novel hashgraph consensus mechanism, stands at the forefront of DLT innovation, offering unparalleled speed, security, and scalability. By bringing BitGo into its fold, they not only strengthens its security framework but also broadens its horizon for fostering groundbreaking applications and services in the web3 domain.

Looking Ahead: Real-World Impact and Ecosystem Growth

The partnership between Hedera and BitGo is poised to unlock new possibilities for the Hedera ecosystem and the broader web3 community. As these two powerhouses combine their strengths, the focus is on delivering tangible, real-world value to users, enterprises, and institutions.

The collaborative effort is expected to drive advancements in DLT applications, enhancing the efficiency, transparency, and security of digital transactions and asset management across various industries.

To further enhance its ecosystem, Hedera has also forged a strategic alliance with Pyth Network, aiming to revolutionize the decentralized finance (DeFi) landscape by providing real-time price feeds. This collaboration is set to bring unparalleled accuracy and speed to DeFi applications on Hedera’s platform, as formerly reported by Crypto News Flash.

At the time of writing, Hedera’s native cryptocurrency, HBAR, has turned green in the last 24 hours, gaining 4.29% to $0.117. This represents an increase of 13.78% in the last 7 days.