It’s no longer news that the institutions are beginning to throw in support for cryptocurrencies amid the massive upticks in their value since the last quarter of 2020. Also, many investors are resorting to cryptocurrencies like Bitcoin due to the fear of inflation.
Thus, in preparation for the incoming wave of new institutions in the crypto space, LGCY, a fork of the TRON network, has collaborated with an Australia-based digital currency custody service and DeFi platform to enable secured crypto storage support for investors.
Crypto Custody and DeFi Service for Enterprise
Institutions in the cryptocurrency space are looking for an all-in-one solution that can provide access to a secured crypto-asset storage facility and decentralized finance (DeFi) applications, according to LGCY. The partnership with the Australian crypto custody platform will enable the company to provide such a solution for institutions to securely store their digital currencies.
To achieve this, LGCY will integrate a white-label version of Unido’s wallet, per the announcement on Thursday. The developers on the LGCY network will equally be able to leverage Unido’s Core API to develop decentralized applications (Dapps) designed for enterprise solutions.
“LGCY and UNIDO are excited to announce that both platforms will be working together to deliver the security of the Unido EP multi-sig platform to LGCY enterprise clients users. The integration of the LGCY blockchain into the Unido platform will be completed as LGCY approaches mainnet launch,” the companies noted.
Interest in DeFi Keeps Growing
Interest and activities in the decentralized finance industry have been increasing notably since the start of the year. At the moment, there is more than US$41 billion worth of digital currency locked in the DeFi industry. Interestingly, more Bitcoin is being tokenized on Ethereum for DeFi protocols, which indicates BTC also has a strong demand in that market.
There are currently over 172k Bitcoin locked in DeFi, according to data from Dune Analytics.
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