BitGo expands support to the Hyperliquid ecosystem with HyperEVM

BitGo has announced support for HyperEVM, bringing secure access and custody for institutional users in the Hyperliquid ecosystem.

Summary

• BitGo has expanded its custody solution to institutions participating in Hyperliquid’s HyperEVM.
• The platform now supports HYPE custody, self-custody and governance.

BitGo said in an update that its custody solution was now live for Hyperliquid (HYPE), bringing access to HyperEVM to institutions. 

The integration, BitGo noted, allows for qualified custody with institutional investors able to participate further in the leading on-chain trading ecosystem. Basically, users can tap into BitGo’s secure custody service as they interact with assets on the HyperEVM, including the native token HYPE.

Users can now have access via self-custody wallets, decentralized applications, as well as participate in governance. The platform’s products also include stablecoins, staking solutions, settlement, real-world assets, collateral, and wealth management.

BitGo’s support comes a few days after Anchorage Digital Bank added custody support to HYPE, integrating institutional-grade security into the HyperEVM.

Hyperliquid’s growth

HyperEVM is the Ethereum (ETH)-compatible smart contract layer of Hyperliquid, key to its decentralized finance traction. Currently, the Hyperliquid L1 has over $2.53 billion in total value locked and more than $5.58 billion in stablecoin market cap.

As interest in DeFi grows, BitGo’s support will allow institutional clients eyeing Hyperliquid to confidently participate in the platform’s ecosystem.

Meanwhile, as crypto.news highlighted on August 26, spot volumes on the platform soared to $3.5 billion on the day, marking a new 24-hour all-time high. 

Notably, the surge to the new peak aligns with a spike in Bitcoin and Ethereum deposits. The milestone sees Hyperliquid rank as the second-largest trading venue for spot BTC on both centralized and decentralized exchanges.

Interest in HYPE as the Hyperliquid ecosystem grows has recently pushed open interest in the altcoin to a new all-time high. As of writing, data from Coinglass showed open interest at $2.17 billion.