Floki, a rival to popular meme coin Shiba Inu, has announced a strategic partnership with major custodian BitGo.
The announcement highlighted BitGo's impressive portfolio of over $64 billion in assets under management. This tie-up marks a major milestone for Floki as it seeks to establish itself in a competitive crypto market.
BitGo is a renowned name in the crypto industry that provides storage and management solutions for digital assets. The company offers a comprehensive suite of financial services, including trading, lending and institutional-grade custody solutions. The company's services are trusted by numerous institutional investors, hedge funds and exchanges worldwide.
Floki is a cryptocurrency that was launched in June 2021. It is part of a group of cryptocurrencies often referred to as "meme coins," which includes the likes of Dogecoin and Shiba Inu. These coins started as internet jokes but have since gained significant attention and value on the cryptocurrency market.
The coin was created in response to a tweet by Elon Musk stating that he would name his Shiba Inu dog "Floki." This led to a surge of interest in the coin, similar to the interest that Dogecoin and Shiba Inu experienced after being mentioned by Musk.
The partnership between Floki and BitGo is expected to bolster the credibility and security of the relatively obscure meme coin. By aligning with a well-established custodian like BitGo, Floki Inu is likely to attract more buyers.
However, it is worth noting that BitGo has recently faced some legal challenges. The company had agreed to a $1.2 billion sale to Galaxy Digital in May 2021, but the deal fell through last August amid a brutal bear market in the crypto industry. BitGo subsequently filed a lawsuit against Galaxy Digital, which was dismissed by a Delaware judge. The judge ruled that Galaxy had a "valid basis" to end the deal.