fbpx

BitGo announces a new feature for institutional traders

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.

Right now, the platform allows trading Bitcoin, Ethereum, and U.S. dollar, but the firm said it intends to add more utility tokens and stablecoins in the near future.

“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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Rate This Article
In order to improve, we give you the opportunity to rate DailyCoin content
Author

DailyCoin is an online media outlet, with a focus to cover blockchain and crypto news, opinions, trends and helpful articles. We focus on delivering fast and objective news about cryptocurrencies and crypto markets with a swirl of passion. Our dedicated and motivated global team is here to deliver the highest quality content. If you want to collaborate with DailyCoin and become our contibutor, please contact us at [email protected]