BitGo has announced the launch of institutional custody services for Flare (FLR) and Songbird (SGB) tokens. This collaboration highlights Flare's commitment to expanding its reach into regulated markets.
Custody Services by BitGo
According to BitGo, institutional clients can now store and manage FLR and SGB tokens through qualified or self-custody arrangements. Both hot and cold wallet options are available, providing organizations with flexibility in managing their assets.
Features of Flare
Flare is an EVM-compatible Layer 1 network designed to support applications that rely on real-world data. Key features of Flare include data protocols such as the Flare Time Series Oracle for accurate price feeds and the Flare Data Connector for integrating external and cross-chain information.
Significance of the Partnership with BitGo
Hugo Philion, CEO and co-founder of Flare, noted, 'Partnering with a well-established, U.S.-based qualified custodian like BitGo is a key milestone in Flare’s institutional journey.' This collaboration will enable secure access to FLR and SGB tokens for institutions worldwide.
With the launch of BitGo's institutional custody services for Flare and Songbird tokens, the company is making a significant step towards attracting a wider range of clients in the decentralized finance space.
