In this post:
- Today, BitGo announced support for two EVM-compatible networks, Flare (FLR) and Songbird (SGB).
- Flare will enable secure, trust-minimized interoperability and data-rich applications, while Songbird will serve as a live testing ground for the collaboration.
- Institutional clients can now access FLR and SGB through BitGo’s custody solutions and support for staking.
BitGo, a blockchain custodian, announced today a partnership with Flare (FLR) and Songbird (SGB). The blockchain custodian aims to establish its position as a leading custodian of digital assets by utilizing the two EVM-compatible networks. Both FLR and SGB are available through BitGo’s custody and self-custody hot and cold wallets to give institutions flexible and secure options for asset management.
Flare has been built to enable decentralized applications to interact securely with real-world data. The collaboration intends to use the EVM-compatible layer one Flare network to support powerful applications across DeFi, AI, identity, and institutional finance. BitGo will support Flare’s upcoming innovations, including Flare’s token standard, delegate support for Wrapped Flare (WFLR), Flare’s P-Chain, and Native Stacking for FLR.
BitGo gives institutions confidence to participate in the Flare ecosystem
Flare’s CEO and co-founder, Hugo Philion, revealed that partnering with BitGo, a well-established U.S.-based qualified custodian, is a key milestone in their journey. He acknowledged that BitGo’s reputation, regulatory credentials, and support for segregated accounts made them an ideal partner for Flare. He added that Flare plans to launch products that require compliant custody solutions, and he is proud to work alongside BitGo. The collaboration will expand secure access to FLR and SGB for institutions worldwide, according to Philion.
Source: BitGo
The blockchain custodian revealed interest in decentralized AI, real-world data feeds, and multi-chain DeFi and its commitment to expanding access to high-potential networks like Flare and Songbird, which possess institutional-grade infrastructure. It also intends to capitalize on Songbird’s real economic incentives for testing and create a critical environment for proving applications.
Songbird operates as a live testing ground for new features before they are launched to the mainnet. Flare lays out multiple innovations to deliver products into a more regulated market. Financial institutions and developers will benefit from the collaboration between FLR, SGB, and BitGo by experimenting and engaging with early-stage Flare features without compromising security or compliance.
Flare has laid out multiple innovations that it intends to lay the foundation for launching new products with BitGo and Songbird into a more regulated, compliance-focused market. The innovations include the Flare Time Series Oracle, which delivers high-integrity, low-latency price data for stable DeFi operations. Flare Data connector that enables trust-minimized access to external data and cross-chain events. FAssets that unlock DeFi use cases for non-smart contract assets like BTC, XRP, and DOGE. Verifiable Off-Chain computing enables fast, auditable computation for advanced AI and finance applications.
The blockchain custodian possesses BitLicense in the State of New York, which gives Flare the regulatory coverage needed to expand its presence and partnership in the world’s largest financial centers. The New York Department of Financial Services (NYDFS) officially listed BitGo as a licensed virtual currency business. Flare CEO believes the company will benefit from the partnership with BitGo, whose platform supports many crypto exchanges as the preferred custodian.
Recently, Flare welcomed VivoPower, a publicly traded company, as the first major institution to deploy an XRP-centric treasury strategy on the Flare network. VivoPower committed $100 million in XRP to Flare’s DeFi ecosystem.
