Cryptocurrency custodian BitGo announced today that it is bringing multi-signature wallets and custody services to the Algorand blockchain. Both Algorand wallets and custody can now be accessed via BitGo, according to a company statement.
Unlike traditional cryptocurrency wallets, where funds can be accessed via a single private key, multi-signature wallets require several keys to unlock funds. Many blockchains including the largest ones like Bitcoin and Ethereum already support them, while BitGo itself provides multi-sig wallet support for over 100 tokens.
Meanwhile, Algorand just completed a $60 million token sale in June with much fanfare. The company is said to be valued at $24 billion.
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