New BitGo Partnership Lets Clients Trade Crypto Directly From Cold Storage

cryptocuser 2 min read 156

New BitGo Partnership Lets Customers Trade Crypto Directly From Cold Storage

“nevertheless investors need to put their assets to work and they need safety,” Mike Belshe, BitGo’s CEO, told Bitcoin Magazine. “Until today , they've needed to make compromises on a single front or the other, choosing to trade off safety for speed of withdrawals from custody. But as a consequence of the partnership with Genesis, they have access to numerous trading places without having to move their assets from the safety of storage.”
And that solves the actual problem which is the need to get liquidity — perhaps not the need to accelerate withdrawals. ”

Genesis, the subsidiary of blockchain venture capital company Digital Currency Group, provides over-the-counter trading to its investors and it became the first New York-based firm to receive a BitLicense.
Investors who use BitGo's custody service can now exchange their assets straight out of their BitGo custody account, without needing to move the assets to a market.
Genesis Global Trading recently demonstrated that the firm noticed a 50 percent increase in its OTC trading volumes to get 2018, which shows that the firm wasn’t shaken by the effects of the bear market that began last year.

Released at Wed, 16 Jan 2019 22:02:53 +0000

American crypto wallet and custodial firm BitGo has awakened with Genesis Global Trading, a digital currency trading company, to improve the crypto trading experience for its own institutional investors.
The South Dakota Division of Banking awarded BitGo a charter in September 2018 — an endorsement that allowed the startup to function as a qualified custodian of cryptocurrencies from the nation.
The partnership enables BitGo’s institutional customers to get instant pricing for buy and sell orders. For instance, if an investor holds 250 BTC in storage with BitGo, then they can acquire real time pricing for buy and sell orders, then execute trades from within their BitGo account and have it settled same moment.