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BitGo will provide custody services for StableX's $100 million "Stablecoin Plan"
Deep Tide TechFlow News, March 11 — According to Cointelegraph, BitGo will provide custody and trading services for StableX Technologies’ digital asset vault. The latter plans to acquire stablecoin-related cryptocurrencies valued at up to $100 million.
According to the announcement, BitGo Bank & Trust, N.A. will serve as the custodian for StableX’s digital assets, while BitGo’s trading platform will assist in executing the acquisition through its over-the-counter liquidity desk. StableX (SBLX) is a Nasdaq-listed company focused on stablecoin infrastructure and related technologies. After the news was announced, its stock price surged by 9% intraday and closed up 1.6%.
StableX previously announced the purchase of tokens such as FLUID and Chainlink’s LINK.