Anticipation is high among developers for the launch of the Sui network. Which is presently under development and slated to release its Mainnet in H1 2023. Due to its scalability, low latency, and low gas fees. The project has already gathered over 600,000 members on its Discord channel.

The Sui Foundation’s mission is to bolster the Sui ecosystem, which it achieves through a range of initiatives. Such as developer grants, conferences, education, and outreach. Upon the Mainnet launch, the Foundation will allocate a part of its assets towards staking with network validators.

BitGo, founded in 2013, will support the SUI token in its multi signature wallet. Opening its own services to Sui network users at Mainnet launch.

“BitGo is excited to become the first qualified custodian to provide custody and staking services to the entire Sui ecosystem, including holders of the SUI token who are seeking a secure way to store and stake their assets,” said Mike Belshe, Chief Executive Officer of BitGo. “Sui Foundation has connected an extensive network of developers and institutions that are committed to furthering Sui, the Open Web, and Web3 evolution, and we are excited to deliver community members safe and reliable custody and staking services for their SUI tokens.”

Acquiring the services of an experienced digital asset manager ensures security and adherence to financial regulations. The Sui Foundation’s choice of BitGo shows a forward-thinking mindset towards a new era of mainstream decentralized financial operations.

About The Sui Foundation

Sui is the first permissionless Layer 1 blockchain designed from the ground up to enable creators and developers. To build experiences that cater to the next billion users in web3. Sui is horizontally scalable to support a wide range of application development with unrivaled speed at low cost.

Website | Twitter

About BitGo

BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing. And lending, and core infrastructure to investors and builders alike.

Website | Twitter

SOURCE: SUI BLOG

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Previously, customers could hold the ERC-20 version, but staking was not available. Now, their clients have access to the full suite of services.

What is Polygon?

Polygon is a scaling solution for Ethereum that offers lower fees and faster transactions than the main Ethereum chain. Polygon is fully EVM-compatible and has operated according to a Proof of Stake (PoS) consensus mechanism since its mainnet went live in May 2020 — more than two years before Ethereum’s transition to PoS. Validators stake MATIC — the network’s native token — and receive rewards paid out in the same token.

Polygon has also seen widespread adoption from the corporate world, with many major Web2 companies choosing to use the MATIC chain for their first foray into Web3. These include:

• Stripe Connect — a payment platform for individuals, freelancers, and small businesses in 120 countries — is built using USDC on Polygon.
• Robinhood selected Polygon as their exclusive network for the rollout of their self-custody crypto wallet beta.
• Nike has launched Swoosh.Nike — a platform for Nike’s virtual creations — which is built on Polygon and powered by BitGo

How MATIC staking works

Please note that — by the chain’s design — staking only takes place using the ERC-20 version of MATIC, rather than the native version.

For existing BitGo clients:

To start custodying native MATIC, head to the wallet dashboard and create a “Polygon” wallet on the Polygon chain.

To start custodying ERC-20 MATIC, head to the wallet dashboard and create a “MATIC” wallet on the ETH chain.

In order to stake ERC-20 MATIC, go to your BitGo ETH wallet, and simply denote how much MATIC you would like to stake.

For prospective clients:

To learn more about BitGo’s offerings, including MATIC, schedule time with our team.

About BitGo

BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing and lending, and core infrastructure to investors and builders alike.

Founded in 2013 — the early days of crypto — BitGo pioneered the multi-signature wallet and later built TSS to improve upon other companies’ MPC offerings. Between multi-sig and TSS, They offers the safest technology on the market and safeguards over 600 tokens across a wide variety of blockchains.

Over the years, The platform has expanded from offering wallets into providing a full-suite solution that lets clients hold assets safely and then put them to work.

They 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 the leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 1500 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.

Website | Twitter

SOURCE:
https://blog.bitgo.com/launching-full-support-for-polygon-410a8a143421

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BitGo has previously supported custody for AVAX C-chain, in addition to assets generated through the Avalanche chain. In addition to increasing customer access to the DeFi ecosystem, BitGo Cold Storage Staking for Avalanche, BitGo also provides institutional and enterprise partners with a simple and secure AVAX staking solution.

The three primary chains of Avalanche are the:

• C-chain (contract chain) — An Ethereum Virtual Machine (EVM) compatible chain used to deploy decentralized applications, such as DeFi, NFT applications, and native assets or tokens. It also enables users to send and receive native AVAX to and from exchanges and wallets.
• P-chain (platform chain) — Manages staking and validation of the Avalanche network, while also coordinating validators participating in Subnets and cross-subnet communications.
• X-chain (exchange chain) – A fast, low-fee DAG network where users and developers may issue new assets and make peer-to-peer or point-of-sale payments.

BitGo makes staking Avalanche a straightforward process, enabling users to quickly and securely stake AVAX from the comfort of their BitGo wallet.

“Institutions and investors are looking for a secure, regulated custodian through which to hold their crypto assets,” said John Nahas, VP of Business Development at Ava Labs, a team supporting development of the Avalanche public blockchain.“By enabling AVAX staking, BitGo is answering the call for a secure and institutional-grade solution to this segment.”

“Prior to this, investors had to risk sacrificing security, ease of use, or accessibility in order to access the full scope of the Avalanche ecosystem,” said Nuri Chang, VP of Product at BitGo. “Now, investors can hold their assets in regulated custody, stake from cold storage, and — through their MetaMask Institutional integration — participate in over 400 projects built on the Avalanche chain.”

How does Avalanche staking work?

Avalanche stakes on the P-chain. Staking begins with checking your money’ chain. Transfer money from C- or X-chain to P-chain. BitGo supports P-chain-to-C-chain import and export but not the X-chain. In your BitGo wallet.

Staking preferences:

Before staking, you must choose how much you want to stake and for how long. The longer the lockup period, the higher the reward rate, as calculated by the protocol.

The minimum staking period is 2 weeks and the maximum is 1 year. The minimum amount of AVAX to become a validator is 2000 tokens. In the future, they will support delegated staking, which will allow for just 25 AVAX to participate in staking.

After the chosen time, your funds will automatically un-stake and return to your wallet with your staking rewards

Getting started:

If you are a current BitGo customer, go to your wallet dashboard and create an AVAX wallet. Once your wallet is created and funded, you can start staking directly from your wallet by clicking the ‘stake’ button.

About BitGo

BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing and lending, and core infrastructure to investors and builders alike.

Website | Twitter

About Avalanche

Avalanche network is the blockchain industry’s quickest smart contracts platform digital asset. Avalanche is blazingly fast, low cost, and echo-friendly chain.

Website | Twitter

SOURCE: https://blog.bitgo.com/introducing-cold-storage-staking-for-avax-a39de6ec5961

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