The partnership follows StableX’s announcement of a plan to invest up to $100 million in tokens within the growing stablecoin sector in September.
StableX Technologies (SBLX) shares jumped in morning trade on Tuesday after the company announced its strategic partnership with BitGo to manage and secure its cryptocurrency holdings.
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SBLX’s stock gained as much as 10% and was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around the company improved to ‘bullish’ from ‘neutral territory, and chatter surged to ‘extremely high’ from ‘normal’ levels over the past day.
Within the partnership, BitGo will serve as the institutional-grade custodian for StableX’s digital assets, providing regulated cold storage and comprehensive compliance oversight. BitGo’s affiliated trading platforms will also support StableX’s planned acquisitions of crypto assets, offering liquidity through BitGo’s OTC desk.
The partnership follows StableX’s announcement of a plan to invest up to $100 million in tokens within the stablecoin sector, starting with its first purchase of Fluid (FLUID) in September. However, the company did not disclose which other stablecoins it plans to invest in or how much it had invested in the token. While Fluid itself is not a stablecoin, it is a utility token associated with decentralized finance (DeFi) trading.
Fluid’s price has fallen 4.7% in the last 24 hours amid broader weakness in the cryptocurrency market, amid rising trade tensions between the U.S. and China. On Stocktwits, retail sentiment around the token trended in ‘neutral’ territory as chatter dropped to ‘extremely low’ from ‘normal’ levels over the past day.
AYRO rebranded as StableX in August, announcing a strategic pivot to focus on investing in foundational tokens.
Read also: Bitcoin, Ethereum Drop After Heavy ETF Outflows Ahead Of Powell Speech
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