Highly popular custodial firm and American crypto wallet, BitGo, entered a partnership with digital asset trading company, Genesis Global Trading, with the purpose of improving cryptocurrency trading experience for all the institutional investors. Those that use the custody service of BitGo can trade assets straight from the custody account. This can happen without having to move assets to crypto exchanges.
BitGo CEO, Mike Belshe, talked to Bitcoin Magazine and declared:
Institutional investors want to put their assets to work and they want security. Until now, they’ve had to make compromises on one front or the other, choosing to trade off security for speed of withdrawals from custody. Now, as a result of our partnership with Genesis, they have access to multiple trading venues without ever having to move their assets from the security of cold storage.
Based on this partnership, the institutional clients of BitGo will be able to instantly access pricing for all buy and sell crypto orders. As an example, when there is an investor that uses BitGo to cold store 300 BTC, real-time pricing can be obtained for the order and execute transactions right from the account. The deal is settled in the exact same day as the issue date.
Mike Belshe also stated:
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.
In September 2018 we saw South Dakota’s Division of Banking offer BitGo an official charter, which was an approval that the company can work as a cryptocurrency custodian in the entire state.
Genesis Global Trading is Digital Currency Group’s subsidiary. It offers trading options to investors, becoming the very first company that is New York-based and received a BitLicense. The company recently revealed the fact that there was an OTC trading volume increase of 50% noticed in 2018. This shows that the company was not affected by 2018’s crypto bear market.
