1 year ago
82 Crypto-based travel rewards firm FlyCoin has announced a partnership deal with digital asset financial services provider, BitGo. FlyCoin will hold a major portion of its minted cryptocurrency token FLY via BitGo’s US Qualified Custody Solution. This is coming after FlyCoin completed a seed funding of $33 million to expand its operations.
FlyCoin Partners With More Crypto Heavyweights
As part of the advisory team, FlyCoin has also added major crypto heavyweights Rena Shah and Lisa Nector. Other partners include Ravan Alaska Airlines, Foley Wines, and ThanksAgain.
Chief Executive Officer of FlyCoin, Lenny Moon, commented on the development. He stated that as the company continues to expand its ecosystem, it’s important that these digital assets are properly safeguarded. “BitGo’s reputation and credibility as a global leader in digital asset cryptocurrency are unmatched,” Lenny noted, adding that one of the major reasons is the firm’s decision to collaborate with them in this capacity.
Lenny noted that FlyCoin will be working with BitGo as a partner in the journey to revolutionize the travel rewards industry via blockchain technology.
BitGo To Expand Its Offerings
Last year, BitGo received a limited liability trust company license from the New York Department of Financial Services. With the license, BitGo can offer crypto trading and custody services to companies that are based in the states.
With the SEC approval as a qualification custodian, BitGo now has a stronger ground to expand its products and operations. In addition, the NY approval will reduce reliance on third-party financial institutions. It will enable the exchange to provide fiduciary services, custody, and deposit-taking for digital assets. These are generally only available at registered brokers and banks, but BitGo will now have the license and opportunity to offer such service. Also, the company stated that it can now offer regulatory and technical clarity to New York’s investment advisers, following the approval of its banking bid.
As a leader in digital asset financial services, BitGo offers institutional investors security, liquidity, and custody solutions. The company offers market-leading borrowing, lending, and trading services. BitGo is active in both centralized and decentralized finance.
