BitGo Strengthens Hyperliquid Ecosystem Support with HyperEVM Integration
BitGo has launched its support for HyperEVM, enabling secure access and custody for institutional users in the Hyperliquid ecosystem.
Summary
- BitGo has expanded its custody services for institutions participating in Hyperliquid’s HyperEVM.
- The platform now includes support for HYPE custody, self-custody, and governance functionalities.
BitGo recently announced that its custody services are now available for Hyperliquid (HYPE), providing institutional access to HyperEVM.
This integration, as highlighted by BitGo, enables qualified custody, allowing institutional investors to engage more robustly in the prominent on-chain trading ecosystem. Users can leverage BitGo’s secure custody services when interacting with assets on the HyperEVM, including the HYPE token.
Moreover, users can take advantage of self-custody wallets, decentralized applications, and governance involvement. The platform offers a variety of services, including stablecoin options, staking solutions, settlement methods, real-world asset management, collateral oversight, and wealth management services.
BitGo’s announcement follows closely on the heels of Anchorage Digital Bank, which recently integrated custody support for HYPE, bolstering security at the institutional level within the HyperEVM.
Hyperliquid’s Growth
HyperEVM acts as the Ethereum (ETH)-compatible smart contract layer for Hyperliquid, playing a vital role in the growth of its decentralized finance ecosystem. Currently, the Hyperliquid L1 boasts over $2.53 billion in total value locked and a stablecoin market cap surpassing $5.58 billion.
With increasing interest in DeFi, BitGo’s integration will empower institutional clients eager to participate confidently within the platform’s ecosystem.
Additionally, as reported by crypto.news on August 26, spot trading volumes on the platform reached $3.5 billion in a single day, establishing a new 24-hour all-time record.
This surge is accompanied by a rise in Bitcoin and Ethereum deposits, positioning Hyperliquid as the second-largest trading venue for spot BTC across both centralized and decentralized exchanges.
The growing interest in HYPE has recently driven the Hyperliquid ecosystem to an all-time high in open interest for the altcoin. As of this writing, data from Coinglass shows open interest at $2.17 billion.