Tron is one of the most promising projects in the crypto industry. Now, its fans have one more thing to celebrate about it. The Tron coin will now be available to institutional investors as early as November. This has been made possible by BitGo Custody which will offer a multi-signature wallet and custody service. In an aim to drive adoption and institutional adoption for that matter, security is key. BitGo is opening the door for institutional investors to enter the space in a “safe and compliant way.”
The move by BitGo has been attributed to increased demand for Tron by institutional investors. This is a major sign for Tron fans as it signals that the project is looking good. Rightfully, the project has in 2019 hit major milestones.
Benedict Chan, BitGo CTO stated this about the initiative:
“TRON’s move towards on-chain, multi-sig opens the door for financial services clients who demand the highest levels of security.”
Tron CEO and founder Justin Sun on his part had this to say about the partnership:
“We are excited to be supported by @BitGo, which will enable #TRON to further delve into various Defi applications and we welcome them as a partner. BitGo’s support of TRON marks a milestone in enabling further institutional adoption for #TRX,”
Impact On Tron Price
Institutional investors are the real movers and shakers of any market. Their entry into Tron is expected to stir up growth for the project. This is guaranteed to see its price rocket. Additionally, demand will go up and further push prices up. At the moment, Tron is struggling to stay in the top ten cryptocurrencies by market cap. There’s been stiff competition between it and Cardano. Cardano, as I have previously stated is one of the key projects to watch out for. The recent development could, however, see it propelled much higher the table, cementing its place in the top 10.
Thanks for reading! Please subscribe to my profile if you want to get more news and let’s catch up on the next piece.