BitGo extends custody support for USDY & OUSG
Ondo Finance is delighted to announce our strategic partnership with BitGo, as they extend their custody support to encompass two Ondo tokens, Ondo US Dollar Yield (USDY), and Ondo US Short-Term Government Bond Fund (OUSG).
Safekeeping one's assets, commonly referred to as "custody" by institutional investors, plays an indispensable role for numerous crypto hodlers. Members of Ondo Finance's management team take immense pride in their 2018 investment in BitGo, a pioneering regulated crypto custodian and infrastructure provider.
BitGo is now extending its custodial services to include USDY and OUSG, with USDY soon to be supported in Go Network, which allows institutions the ability to delegate assets to integrated exchange partners as collateral. This collaboration dovetails with the surging market interest in institutional-grade tokenized cash equivalents from both traditional and crypto-native financial institutions. Together, we are addressing this rising market demand by providing best-in-class solutions tailored to our clients’ needs.
Justin Schmidt, President of Ondo Finance, stated, “Our strategic partnership with BitGo marks a significant milestone in the evolution of tokenized real world assets. BitGo is renowned for its secure solutions for the onchain economy, with a track record that aligns with Ondo Finance's commitment to providing institutional-grade products and services. BitGo’s support for USDY and OUSG helps us meet the rising institutional custodial demand for tokenized real world assets, and USDY’s incorporation as collateral within Go Network is a major step forward for institutions seeking trusted, economical access to exchanges."
Matt Ballensweig, Managing Director, Head of BitGo Go Network, stated, "We are delighted to share that BitGo is extending its custodial services to include Ondo's tokens, namely $USDY and $OUSG. Additionally, $USDY will soon be supported in Go Network, BitGo's regulated real-time settlement and off-exchange platform enabling institutions a more capital efficient way to trade through integrated partners."
About BitGo
BitGo provides secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing and lending, and core infrastructure to investors and builders alike.
BitGo pioneered the multi-signature wallet and later built TSS to improve upon other companies’ MPC offerings. BitGo has since expanded from offering wallets to providing a full-suite solution that lets clients hold assets safely and then put them to work.
BitGo launched BitGo Trust Company in 2018, providing fully regulated, qualified cold storage to complement BitGo Inc’s original hot wallet solution. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow, and lend. Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond, and serves as the world’s sole custodian for WBTC, or wrapped Bitcoin.
Today, BitGo is a leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 700 institutional clients in over 50 countries — a list that includes many regulated entities and the world’s top cryptocurrency exchanges and platforms. BitGo also processes approximately 20% of all global Bitcoin transactions by value.
About Ondo
Ondo Finance provides institutional-grade, blockchain-enabled investment products and services. Ondo has an asset management arm that creates and manages tokenized financial products as well as a technology arm that develops decentralized finance protocols and other blockchain solutions.
Ondo’s first core products are tokenized cash equivalents that deliver very low risk, high-quality yield from US Treasuries, money market funds, and similar instruments, offering on-chain investors an alternative to stablecoins where holders rather than issuers earn the vast majority of the underlying asset yield.
For more information on our products, please reach out to us at support@ondo.finance or check out the following resources: