According to the latest reports, HashKey Cloud and BitGo have expanded their existing partnership into ETH and SOL staking, institutional trading, custody and real-world asset tokenization. The companies signed the expanded agreement during TOKEN2049 week in Singapore, with WanCloud Ltd. (operating as HashKey Cloud within HashKey Group) signing the deal with NYSE-listed BitGo Holdings. The agreement covers four business areas: staking, institutional trading flow, custody and RWA tokenization, with services limited to eligible institutional customers and jurisdictions where relevant products are permitted.
The partnership builds upon their July staking deal where HashKey Cloud supplied validator infrastructure while BitGo provided custody framework. Under the expanded agreement, HashKey Cloud will initially validate Ethereum and Solana staking for eligible institutional clients using BitGo's platform, with Ethereum and Solana as the first supported staking assets. BitGo reported $64.7 million in second-quarter staking revenue and currently serves 5,833 clients with $65.2 billion in assets on its platform and $11.9 billion in assets staked. The companies have not disclosed fees, staking reward terms or expected asset volumes for the expanded staking access.
The agreement includes institutional trading flow support, though specific exchanges, trading pairs and expected volumes were not identified in the official announcement. BitGo already operates trading and settlement infrastructure alongside its custody business, with its Singapore entity holding a Major Payment Institution license covering digital payment token services and cross-border money transfers. BitGo will make its custody services available to HashKey Capital and associated funds, subject to client onboarding and separate agreements. This arrangement provides HashKey's investment businesses with another institutional custody option while keeping custody separate from HashKey Cloud's validator work.
The partnership includes real-world asset tokenization services, where BitGo will serve as custody partner for HashKey's tokenization initiatives across Asia-Pacific markets. HashKey reported HK$2.68 billion in onchain RWA total value locked during the first half of 2026, up 167.8% from a year earlier, with institutional customers accounting for HK$231.5 billion of HashKey's HK$282.2 billion platform trading volume, representing 82% of total volume. The company has been building its institutional network, with first-half platform trading volume rising 31.8% year-over-year and institutional trading volume increasing 58.8%.
This expansion aligns with BitGo's broader strategy to diversify beyond custody, as CEO Mike Belshe announced on October 6 that the company is targeting trading, lending and settlement as main revenue engines, with prime brokerage eventually intended to account for the entire business. The company completed its August acquisition of NYDIG's institutional trading business, bringing derivatives, financing and execution capabilities. BitGo reported $4.33 billion in total revenue for Q2 2026, representing a 79.6% increase from the previous year, though it reported a $19 million net loss for the quarter. The company listed its Class A shares on the New York Stock Exchange under BTGO in January 2026, generating $198.5 million in gross proceeds from the IPO.
