BitGo, the leading $2 billion cryptocurrency custodian, has partnered with financial services provider SettleBit to allow institutions to trade directly from their BitGo accounts.
Founded 2013 in Silicon Valley, BitGo offers security, custody, and liquidity solutions for institutional investors. The platform now processes approximately $15 billion worth of cryptocurrencies on a monthly basis.
According to a press statement made on Tuesday, BitGo now allows its clients to trade directly from their custody accounts through an API integration with SettleBit’s settlement platform. With this new feature, clients can instantly get a price offer matched with a liquidity network and reach settlement in real-time as soon as their funds are verified. Throughout the process, their funds will remain secure in cold storage.
“We know that many of our clients want to be able to trade without moving their assets out of cold storage,” said BitGo Head of Financial Services, Nick Carmi. “Using our settlement API, SettleBit has created a simple and elegant solution.”
The first trade has already been completed, the statement noted, when Entertainment distribution network CTM Digital initiated a trade of $100,000 worth of bitcoin on Jan. 22.
Recently, an increasing number of crypto firms have released settlement solutions to Over-The-Counter (OTC) traders. Besides BitGo, Gemini and Seed CX are also providing similar services to lure in institutional clients in the hopes that middlemen will make their activities less risky.