Latest news with #HugoPhilion
Business Insider
2 days ago
- Business
- Business Insider
BitGo Introduces Custody Support for Flare and Songbird Networks
Dubai, UAE, June 12th, 2025, Chainwire Flare, the blockchain for data, today announced that BitGo has launched institutional custody services for Flare (FLR) and Songbird (SGB). BitGo, a globally regulated and licensed qualified custodian based in the United States, provides secure storage infrastructure used by many leading digital asset platforms and financial firms. This collaboration represents a meaningful step forward as Flare expands its reach to regulated and compliance-focused markets. Institutions using BitGo can now store and manage FLR and SGB tokens through qualified custody or self-custody setups. Both hot and cold wallet options are available, offering flexibility for institutions managing these assets. Staking functionality and additional integrations will follow in the coming months. Flare is an EVM-compatible Layer 1 network designed to support applications that rely on real-world data. It features built-in data protocols such as the Flare Time Series Oracle for delivering accurate price feeds, the Flare Data Connector for integrating external and cross-chain information, and the FAssets system, which brings assets like BTC, XRP, and DOGE into the world of decentralized finance. Songbird, Flare's canary network, operates as a real-time testbed for new features before they are introduced on the Flare mainnet. Developers use Songbird to evaluate functionality under live conditions with real economic incentives. The announcement comes as Flare gains momentum in institutional circles. Earlier this week, VivoPower, a publicly traded firm, became the first major institution to adopt an XRP-based treasury strategy on Flare, allocating one hundred million dollars worth of XRP to the network's DeFi ecosystem. 'Partnering with a well-established, U.S.-based qualified custodian like BitGo is a key milestone in Flare's institutional journey,' said Hugo Philion, CEO and co-founder of Flare. 'BitGo's reputation, regulatory credentials, and support for segregated accounts make them an ideal partner as we prepare to launch products that require compliant custody solutions. We're proud to work with BitGo to expand secure access to FLR and SGB for institutions worldwide.' In the coming period, BitGo will introduce staking for FLR, delegation support for Wrapped Flare (WFLR), integration with Flare's token standard, and compatibility with the Flare P-Chain. Institutions seeking to engage with FLR and SGB through BitGo can reach out to their client service manager or visit the BitGo website for onboarding details. Flare is a smart contract platform built to bring external data on-chain securely and at scale. It supports data-intensive use cases including machine learning, asset tokenization, gaming, and social platforms. With enshrined oracles integrated directly into its network, Flare enables developers to access a wide range of data sources while maintaining decentralization and trust minimization. BitGo is a United States based digital asset custodian serving institutions and exchanges across the globe. Recognized for its regulatory standing and compliance credentials, BitGo offers custody solutions including segregated accounts and qualified custodianship. The company is licensed by the New York Department of Financial Services and provides services designed to meet the needs of professional digital asset holders.
Yahoo
3 days ago
- Business
- Yahoo
VivoPower to Deploy $100M in XRP on Flare, Add Ripple USD for Treasury Operations
VivoPower International (VVPW), the Nasdaq-listed company transitioning into a digital asset treasury play, has plans to put $100 million worth of XRP XRP tokens to work. The firm announced Wednesday it has partnered with layer-1 blockchain Flare FLR to deploy $100 million XRP to generate yield on its treasury holdings. The initiative marks the first large-scale use of Flare's FAssets system, which enables non-smart contract tokens like XRP to interact with decentralized finance (DeFi) protocols, the press release said. VivoPower plans to generate yield through Flare-native protocols such as Firelight and reinvest the income to expand its XRP holdings. The company said it will also adopt payment firm Ripple's RLUSD stablecoin as its cash-equivalent reserve. "It's no longer enough to simply hold XRP; the duty to our shareholders is to make it productive," CEO and executive chairman Kevin Chin said in a statement. "Adopting Ripple's RLUSD is a cornerstone of this strategy, providing the stability and compliance this next-generation treasury demands." For Flare, the deal is a milestone of institutional validation, Flare co-founder Hugo Philion pointed out. "Our FAssets system [...] is more than just a bridge; it's a gateway that allows institutions to bring assets like XRP into programmable DeFi environments to generate yield, all while retaining their fundamental security," he said. VivoPower is part of the growing roster of public firms raising money to purchase and add digital assets to their treasuries, a playbook popularized by Michael Saylor's Strategy (MSTR) that has become the largest corporate holder of bitcoin BTC. The firm's latest move comes shortly after tapping BitGo's over-the-counter trading desk for acquiring an initial $100 million trench of XRP tokens. VivoPower last month said that it entered into an agreement for a $121 million private share placement, with the fundraising led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, chairman of Eleventh Holding Company, according to a SEC filing. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
