BitGo enters into a pact with Genesis to enable high-speed cryptocurrency trading
In an interesting development, the market leader in institutional cryptocurrency financial services, BitGo announced on Wednesday that it has entered into a partnership with Genesis Global Trading, the leader in over-the-counter (OTC) trading to provide clients with the ability to trade digital assets directly from the BitGo custody.
As per the press release, BitGo Trust clients can now easily buy and sell orders without having to manage keys or move their assets from the industry’s most secure cold storage. There are no additional fees for this service.
Speaking about the partnership, Mike Belshe, CEO, BitGo said, “Our partnership with Genesis, a FINRA and SEC regulated company, gives our clients access to liquidity through Genesis’ robust network of trading partners. And that solves the real problem which is the need to access liquidity – not the need to speed up withdrawals.”
This latest announcement means that institutional investors storing digital assets with BitGo can now use Genesis’ platform to execute trades at speeds they are familiar in the traditional financial markets.
In addition, the partnership will also aim to take care of the counterparty and settlement risk associated with OTC crypto trading.
“BitGo has been a terrific, long-term partner to Genesis and we have a lot of confidence in their institutional offerings,” said Michael Moro, CEO of Genesis.
BitGo’s partnership with Genesis will help users in a number of ways:
- It will help them to maintain assets in custody with BitGo Trust Company.
- Get real-time pricing for buy and sell orders.
- Easily execute transactions from cold storage without having to manage keys.
- Users can use Genesis’ deep liquidity through a robust network of trading partners.
- The partnership will give users the freedom to choose from a wide range of cryptocurrencies which include Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], Litecoin [LTC], Ripple [XRP], and Zcash [ZEC].
By moving on from just providing custody services into clearing and settlement, BitGo can now show others what is possible with cryptos and it seems that it is not the only custodian moving in this direction, which seems to be the right one.
Image via Shutterstock
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