POMONA, Calif. — FlyCoin Inc., a cryptocurrency-based travel rewards technology company, announced their partnership with BitGo for custody and security solutions. FlyCoin will hold a significant portion of the company’s minted cryptocurrency token, FLY, in BitGo’s Qualified Custody. The announcement comes on the heels of Flycoin’s $33 million seed funding earlier this year.
“As we continue to grow Flycoin’s ecosystem of partners and end users, it is critical that we properly safeguard these digital assets,” said Lenny Moon, CEO, Flycoin. “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.”
Custodians of crypto assets play an essential role in storing and securing digital assets while also interacting directly with brokers and exchanges to facilitate transactions for institutional and individual stakeholders. BitGo’s global reach, jurisdictional compliance outside the U.S., other platform services, and qualified custody align well with Flycoin’s focus on scaling its rewards platform offerings globally.
“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 technology” said Kai Kono, managing director, global head of digital asset sales, BitGo.