HashKey Cloud and BitGo have expanded their existing partnership beyond staking to include institutional trading, custody and real-world asset tokenization.
The companies announced the broader agreement on Oct. 6 in Singapore during TOKEN2049 week. The partnership covers four areas: staking, institutional trading, custody and real-world asset, or RWA, tokenization.
The services will be available only to eligible institutional clients and in markets where the products are legally permitted.
HashKey Cloud and BitGo first partnered in July on institutional staking. Under that arrangement, HashKey Cloud provided validator infrastructure while clients could keep their assets within BitGo’s custody setup.
The expanded agreement now makes HashKey Cloud a validator partner on BitGo’s platform. Ethereum and Solana will be the first assets supported for institutional staking.
Neither company has disclosed when the expanded staking service will fully launch or which clients will use it first. They also have not provided details about fees, staking rewards or the amount of ETH and SOL expected to enter the program.
HashKey Cloud has operated blockchain validation infrastructure since 2018. Its services include staking products for institutions, asset managers and professional investors across several blockchain networks.
The new agreement also adds institutional trading.
HashKey Cloud and BitGo will work together to support institutional trading flows, although the companies have not disclosed which exchanges, trading pairs or trading volumes will be involved.
BitGo already provides trading and settlement services alongside its custody business. Its Singapore operation holds a Major Payment Institution license covering digital payment token services and cross-border money transfers.
BitGo has also expanded its off-exchange settlement services with OKX for eligible institutions outside the U.S. That setup allows supported assets to remain in segregated custody at BitGo Singapore while clients access exchange liquidity.
However, the HashKey agreement does not say that the same structure will automatically be used for its new trading relationship.
The custody part of the partnership is more clearly defined.
BitGo will provide custody services to HashKey Capital funds after the required client onboarding and separate agreements are completed.
This gives HashKey’s investment businesses another institutional custody option while keeping the custody service separate from HashKey Cloud’s validator operations.
BitGo reported 5,833 clients at the end of June, with about $65.2 billion in assets on its platform. Around $11.9 billion of those assets were staked. The company reported $64.7 million in staking revenue during the second quarter.
Real-world asset tokenization is the fourth part of the expanded partnership.
BitGo will act as a custody partner for HashKey’s RWA tokenization projects across Asia-Pacific markets.
HashKey has already been growing its RWA business. The company reported HK$2.68 billion in on-chain RWA total value locked during the first half of 2026, up 167.8% from a year earlier.
HashKey is also heavily focused on institutional activity. Institutional customers accounted for HK$231.5 billion of the company’s HK$282.2 billion in platform trading volume during the first six months of the year.
The company has already worked on tokenized financial products in Hong Kong. HashKey Exchange recently began distributing Franklin Templeton’s tokenized U.S. government money market fund to eligible professional investors.
HashKey also reached an agreement in September with Prometheum Capital and Velocity Capital involving a proposed structure for tokenized U.S. equities to be offered to eligible international investors. That project still depends on final agreements, regulatory approval and technical development.
BitGo’s latest partnership with HashKey comes as the company is expanding beyond its traditional custody business.
In August, BitGo completed its acquisition of NYDIG’s institutional trading business. The deal added derivatives, financing, execution and structured-product capabilities, along with around 30 employees and institutional relationships.
BitGo CEO Mike Belshe has said the company wants prime brokerage to become a major part of its business. The strategy combines trading, financing and settlement while allowing clients to keep their supported assets in custody.
BitGo reported $4.33 billion in second-quarter revenue, although much of that revenue came from digital asset sales. Direct costs were $4.29 billion, and the company reported a $19 million net loss for the quarter.
HashKey is also expanding its institutional business.
The company said first-half platform trading volume increased 31.8% year over year, while institutional trading volume grew 58.8%.
The latest agreement brings the two companies together across several parts of the digital asset market, including staking, trading, custody and tokenization.
However, no financial terms, launch schedule, initial customers or expected assets under management have been disclosed. The expanded services will also remain subject to client onboarding, separate agreements and local regulatory requirements.
