Announcing a Return to our Roots: The All-New Bitcoin Magazine

New BitGo Partnership Lets Clients Trade Crypto Directly From Cold Storage

by

        New BitGo Partnership Lets Clients Trade Crypto Directly From Cold Storage
New BitGo Partnership Lets Clients Trade Crypto Directly From Cold Storage

American crypto wallet and custodial firm BitGo has teamed up with Genesis Global Trading, a digital asset trading firm, to improve the crypto trading experience for its institutional investors.

Investors who use BitGo's custody service can now trade their assets directly from their BitGo custody account, without the need to move the assets to an exchange.

“Institutional investors want to put their assets to work and they want security,” Mike Belshe, BitGo’s CEO, told Bitcoin Magazine. “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."

The partnership will allow BitGo’s institutional clients to access instant pricing for buy and sell orders. For example, if an investor holds 250 BTC in storage with BitGo, they can get real-time pricing for buy and sell orders, execute transactions from within their BitGo account and have it settled same day.

In a statement, Belshe 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.”

The South Dakota Division of Banking granted BitGo a charter in September 2018 — an approval that allowed the startup to act as a qualified custodian of cryptocurrencies in the state.

Genesis, the subsidiary of blockchain venture capital firm Digital Currency Group, offers over-the-counter trading to its investors and it became the first New York-based firm to receive a BitLicense.

Genesis Global Trading recently revealed that the company saw a 50 percent increase in its OTC trading volumes for 2018, which shows that the company was not shaken by the effects of the bear market that started last year.

Recommended

Morgan Creek Bags $40M Raise, Attracts Industry First Funding From Pensions

Two pension plans from Fairfax County, Virginia, the $1.43 billion Police Officer’s Retirement System and the $3.9 billion Employee’s Retirement System, were the lead investors.

Colin Harper

Bitcoin Price Analysis: Strong Rally Set to Test Overhanging Resistance

There are major resistance levels to consider when viewing the health of the bitcoin market, but given the strength of the current move, it seems likely we will see a continuation of the uptrend in the price of bitcoin.

Bitcoin Schmitcoin

Abra Users Can Now Buy Stocks and ETFs Using Bitcoin

According to Abra CEO Bill Barhydt, everyone should have access to capital markets, regardless of where they live in the world or the amount of capital they have at their disposal. This is where Bitcoin comes in.

Jimmy Aki

Op Ed: Should You File a Foreign Bank Account Report for Bitcoin Holdings?

An American who owns a financial interest (like bitcoin) worth $10,000 or more, or has signing authority over a foreign financial account, doesn't necessarily have to actually pay taxes on them. But they must let the IRS know about them.

Sasha Hodder