BitGo to custody digital assets for StableX’s $100M stablecoin plan
The collaboration will provide custody and trading infrastructure as StableX builds a $100 million digital asset treasury focused on stablecoins.
BitGo will provide custody and trading services for StableX Technologies’ digital asset treasury as it plans to acquire up to $100 million in crypto tokens tied to the stablecoin sector.
According to Tuesday’s announcement, BitGo Bank & Trust, N.A. will serve as the custodian for StableX’s digital asset holdings, while BitGo’s trading platforms will help execute the company’s planned acquisitions through its over-the-counter liquidity desk.
StableX (SBLX) is a publicly traded company focused on stablecoin infrastructure and related technologies. Shares of the Nasdaq-listed company gained as much as 9% in afternoon trading following the news, before closing up 1.6%.