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Qualigen Therapeutics Inc. (QLGN) announced a partnership with BitGo to support its C10 treasury strategy, which involves accumulating a market-cap-weighted basket of the top 10 cryptocurrency assets excluding stablecoins.
The partnership enables Qualigen to invest $30 million across a diversified basket of 10 digital assets through BitGo’s over-the-counter desk and treasury management services. BitGo will provide qualified custody services and store Qualigen’s treasury assets in regulated cold storage.
Qualigen describes itself as a biotechnology company majority owned by Faraday Future that is pursuing cryptocurrency and web3 strategic initiatives. The company is headquartered in Carlsbad, California, and focuses on developing oncology and immunology therapeutics.
"Our partnership with BitGo allows us to further diversify our corporate treasury with digital assets, reflecting our commitment to both financial resilience and leadership in the evolving digital economy," said Jerry Wang, Co-CEO at Qualigen.
BitGo CEO Mike Belshe stated that the allocation "demonstrates the growing confidence among enterprises in building a digital-first treasury strategy."
BitGo, founded in 2013, provides digital asset infrastructure services including custody, wallets, trading, and settlement services. The company serves institutional clients through multiple regulated entities.
The information is based on a press release statement from the companies.