Today, October 14, the payment provider BitGo has published a post on the integration of Tron TRX into its services. Therefore, all BitGo clients will be able to use TRX through BitGo with this new feature.
According to representatives of BitGo, the decision to add TRX was made in connection with the growing demand for the asset.
“We worked with the TRON development team to develop their first institutional multi-currency wallet,” said Benedict Chan, technical director of BitGo.
The creator of Tron blockchain project Justin Sun commented on this news via his Twitter handle:
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. https://t.co/PUPiVef73n
— Justin Sun (@justinsuntron) October 14, 2019
In his view, this partnership will bring potential adoption by institutional investors. This will increase not only the adoption of the Tron project’s native token TRX but also its value. Note, at press time the price of the digital asset fluctuates at the level of $ 0.016, which is a dozen times lower than the established maximum of $ 0.30.
Meanwhile, positive moves in the token price are noticeable as news on the support got released. At the press time, the token is in the green zone and demonstrates an increase of 2.26%. However, the full launch of which is scheduled for November, so more growth should be expected.
The partnership has been perceived as one which had the potential of helping TRON further delve into the various DeFi applications.
Today, decentralized finance is growing. The new trend has revitalized the cryptocurrency industry. More than half a billion dollars is in decentralized finance now, and their users make 10-20% profit. This value is much greater than that of the banking system.
At the heart of this trend is the idea of creating a decentralized architecture without the participation of people. Among the first DeFi are cryptocurrencies as Bitcoin and Ethereum. Both cryptocurrencies are controlled by large computer networks and not centralized management.
But as innovations are constantly moving forward, new projects come out and they are engaged in the development of this idea. Therefore, the Dai project is a global currency free of central banks. Compound is a crypto version of a money market fund that allows users to earn interest. Dharma provides an opportunity to issue and insure debt to receive a return on investment.
As you already guessed, DeFi is ready to make the international banking system clear and free. And this opportunity needs to be used.
In addition, the new product is interesting in that, it is possible to create products protected from the influence of others.
The effects of DeFi solutions will be most pronounced in the long run. However, if central banks are just people and people make mistakes, decentralized financial decisions will make our financial systems more clear, more stable and less brittle.