BitGo Enhances Support for the Hyperliquid Ecosystem through HyperEVM Integration
BitGo has introduced support for HyperEVM, facilitating secure access and custody for institutional users within the Hyperliquid ecosystem.
Summary
- BitGo has broadened its custody solution for institutions involved in Hyperliquid’s HyperEVM.
- The platform now provides support for HYPE custody, self-custody, and governance.
According to BitGo’s recent update, its custody solution is now operational for Hyperliquid (HYPE), offering institutional access to HyperEVM.
As noted by BitGo, this integration facilitates qualified custody, enabling institutional investors to engage more deeply in the leading on-chain trading ecosystem. Users can utilize BitGo’s secure custody services while interacting with assets on the HyperEVM, including the HYPE token.
Users also have access through self-custody wallets, decentralized applications, and governance participation. The platform’s offerings include stablecoins, staking solutions, settlement options, real-world assets, collateral management, and wealth management services.
BitGo’s support follows closely on the heels of Anchorage Digital Bank, which recently integrated custody support for HYPE, enhancing security at the institutional level within the HyperEVM.
Hyperliquid’s expansion
HyperEVM serves as the Ethereum (ETH)-compatible smart contract layer for Hyperliquid, playing a crucial role in its decentralized finance growth. Currently, the Hyperliquid L1 boasts over $2.53 billion in total value locked and a stablecoin market cap exceeding $5.58 billion.
With rising interest in DeFi, BitGo’s support will empower institutional clients interested in Hyperliquid to engage confidently within the platform’s ecosystem.
Additionally, as reported by crypto.news on August 26, spot volumes on the platform surged to $3.5 billion in a single day, setting a new 24-hour all-time high.
This spike corresponds with an increase in Bitcoin and Ethereum deposits, allowing Hyperliquid to position itself as the second-largest trading venue for spot BTC across both centralized and decentralized exchanges.
The growing interest in HYPE as the Hyperliquid ecosystem expands has recently led to an all-time high in open interest for the altcoin. As of this writing, data from Coinglass indicated open interest at $2.17 billion.