BitGo, a leading digital asset infrastructure and custodian provider, has made a significant move in the cryptocurrency space by expanding its support for XRP-related decentralized finance (DeFi) projects. The company recently announced that it has added custody support for Flare and Songbird, two platforms closely connected to the XRP ecosystem.

This development opens up new opportunities for institutions looking to securely store their assets within the XRP ecosystem. With the addition of Flare and Songbird to its list of supported assets, BitGo is providing institutional investors with a more comprehensive range of DeFi infrastructure options.

Flare Network is a blockchain platform that aims to bring smart contract functionality to the XRP Ledger, allowing users to create decentralized applications (dApps) on top of the XRP ecosystem. Songbird is a Canary Network launched by Flare that serves as a testing ground for new features and upgrades before they are implemented on the main Flare Network.

By adding custody support for Flare and Songbird, BitGo is not only enabling institutions to securely store their assets but also positioning itself as a key player in the growing DeFi ecosystem surrounding XRP. The move reflects BitGo's commitment to providing its clients with access to a diverse range of digital assets and investment opportunities.

In addition to custody support, BitGo has also announced plans to offer staking support for assets connected to the XRP ecosystem. Staking allows users to earn rewards by participating in the network and securing transactions. With staking support on the horizon, institutional investors will have the opportunity to further engage with and contribute to the XRP ecosystem.

BitGo's decision to expand its support for XRP-related DeFi projects comes at a time when interest in decentralized finance is on the rise. DeFi has emerged as a disruptive force in the cryptocurrency space, offering users the ability to access financial services without the need for traditional intermediaries.

By providing custody and staking support for Flare and Songbird, BitGo is not only catering to the needs of institutional investors but also contributing to the growth and development of the XRP ecosystem. With its robust infrastructure and commitment to security, BitGo is well-positioned to play a key role in shaping the future of decentralized finance within the XRP community.

Overall, BitGo's expansion of XRP-related DeFi access through its support for Flare and Songbird represents a significant milestone in the integration of traditional financial institutions into the world of decentralized finance. As the cryptocurrency space continues to evolve,

Source: https://news.bitcoin.com/xrp-moves-into-high-gear-with-bitgo-as-institutional-defi-race-accelerates/