Floki partners with major crypto custodian BitGo, marking a significant milestone in its journey
The coin was created in response to a tweet by Elon Musk stating that he would name his Shiba Inu dog"Floki." This led to a surge of interest in the coin, similar to the interest that Dogecoin and Shiba Inu experienced after being mentioned by Musk.
The partnership between Floki and BitGo is expected to bolster the credibility and security of the relatively obscure meme coin. By aligning with a well-established custodian like BitGo, Floki Inu is likely to attract more buyers. However, it is worth noting that BitGo has recently faced some legal challenges. The company had agreed to a $1.2 billion sale to Galaxy Digital in May 2021, but the deal fell through last August amid a brutal bear market in the crypto industry. BitGo subsequently filed a lawsuit against Galaxy Digital, which was dismissed by a Delaware judge. The judge ruled that Galaxy had a"valid basis" to end the deal.
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