BitGo will provide custody services for StableX's $100 million stablecoin program

According to market news, BitGo will provide custody and trading services for StableX Technologies' digital asset portfolio, which plans to acquire cryptocurrency tokens related to stablecoins worth up to $100 million.

According to the announcement, BitGo Bank & Trust, N.A. will act as the custodian for StableX's digital asset holdings, while BitGo's trading platform will assist in executing the acquisition plan through its over-the-counter liquidity trading desk. StableX (SBLX) is a Nasdaq-listed company focused on stablecoin infrastructure and related technologies. After the news was released, the stock price rose by as much as 9% during intraday trading and closed up 1.6%. StableX had previously announced the purchase of tokens such as FLUID and Chainlink's LINK.