FlyCoin Inks Partnership with BitGo

FlyCoin, a cryptocurrency-based travel rewards company, announced on Wednesday that it had signed a partnership with BitGo, a digital asset financial services provider. According to the press release, with BitGo's US Qualified Custody Solution, FlyCoin will hold a significant portion of its minted cryptocurrency token, FLY. Earlier this year, FlyCoin raised $33M in seed funding.

As part of their advisory team, the company announced major crypto heavyweights Lisa Nector and Rena Shah. Flycoin's other partners include ThanksAgain, Foley Wines and Ravn Alaska Airlines.

"As we continue to grow Flycoin's ecosystem of partners and end-users, it is critical that we properly safeguard these digital assets. BitGo's reputation and credibility as a global leader in digital asset cryptocurrency are unmatched, and a key factor in our decision to partner with them in this capacity," Lenny Moon, FlyCoin's CEO, commented.

Kai Kono, the Managing Director of Global Head of Digital Asset Sales at BitGo, added: "I am very pleased to work closely with the FlyCoin team and for BitGo to be a trusted partner in their journey to revolutionize the travel rewards industry through the use of blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology."

BitGo's Trust Charter License

Last year, the New York Department of Financial Services granted BitGo a limited liability trust company license. With the trust company charter from the New York State Department of Financial Services, BitGo can offer cryptocurrency trading and custody services to companies based in the state.

BitGo is now on even stronger ground with the SEC's approval as a qualified custodian. Additionally, the NY approval reduces reliance on third-party financial institutions. It enables the exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term to offer deposit-taking, custody and fiduciary services for digital assets, which are usually only available at banks and registered brokers. The firm noted that it now can provide New York's investment advisers with the technical and regulatory clarity they require as a result of the approval of its banking bid.