BitGo Users Can Now Trade their Assets Directly from Custody Wallets

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BitGo Users Can Now Trade their Assets Directly from Custody Wallets
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Custody, security and liquidity provider BitGo is making it possible for its institutional clients to trade their digital assets directly from their custody accounts. In a recent development, the exchange has made this possible through a partnership with financial services provider SettleBit. Bitgo has undergone an API integration with SettleBit’s settlement platform.

With this feature, users can easily trade their assets without any risk to them as their funds are safely in the cold storage during the trade. Already, the firm has recorded its first use of this service, Entertainment distribution network CMT Digital which traded $100,000 worth of Bitcoin on 22 January.

BitGo’s head of financial services, Nick Carmi says this is what the company’s institutional clients want at this time.

“We know that many of our clients want to be able to trade without moving their assets out of cold storage. Using our settlement API, SettleBit has created a simple and elegant solution,” he said.

More institutions are getting into the cryptocurrency space recently, thanks to firms like BitGo and cryptocurrency exchanges such as Coinbase that provide custody services to ensure the safety of their funds. With the new feature that satisfies the yearnings of these major investors, more institutions may be getting in the space moving forward.

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BitGo had partnered with Genesis Global Trading, an over-the-counter (OTC) trading firm, to allow its clients to sell the Bitcoin in their BitGo cold storage. Allowing them to trade their assets from the safety of their wallets through the recent partnership is another step that is likely to set the company apart.

Currently, only  Bitcoin, Ether, and U.S. Dollars are available for trading, but more assets will be added soon. This includes utility tokens and stablecoins which are becoming very popular among cryptocurrency users.

The firm was established in 2013 to provide custody services for institutional clients. Since then, it has been offering multi-signature bitcoin wallet services to institutions to boost their confidence in cryptocurrency investment. It currently offers custody service insured for $100 million.