ChainCatcher report: According to market sources, BitGo will provide custody and trading services for StableX Technologies’ digital asset holdings, as the company plans to acquire crypto tokens related to stablecoins worth up to $100 million. According to the announcement, BitGo Bank & Trust, N.A. will serve as the custodian for StableX’s digital asset portfolio, while BitGo’s trading platform will assist in executing the acquisition through its over-the-counter liquidity desk. StableX (SBLX), a Nasdaq-listed company focused on stablecoin infrastructure and related technologies, saw its stock rise as much as 9% intraday and close up 1.6% following the announcement. StableX has previously announced purchases of tokens such as FLUID and Chainlink’s LINK.
BitGo to Provide Custody Services for StableX’s $100 Million Stablecoin Token Purchase
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Summary
BitGo will provide custody and trading services for StableX’s $100 million token purchase, including new token listings. BitGo Bank & Trust, N.A. will serve as custodian, while its OTC desk executes the purchase. StableX, a Nasdaq-listed company, announced the token launch for assets such as FLUID and LINK. Shares rose 9% during the day and closed up 1.6%.
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