BitGo To Present New Crypto Trading Solution To Investors
BitGo, a security solutions company, announces a partnership with over-the-counter services firm Genesis Global Trading aimed at giving the opportunity to speed up crypto trading for institutional investors, CoinDesk reports.
Investors who use the BitGo custodial services will be able to make transactions as quickly as in traditional financial markets with the help of the Genesis Global Trading over-the-counter platform.
If a client keeps 100 bitcoins in the BitGo cold storage and he receives a Genesis offer to sell these assets, from now on a transaction can be executed immediately. As soon as a user agrees to a transaction, BitGo holds his bitcoins, but Genesis becomes their owner at once confirming a bank dollar transfer to BitGo address. After the transfer completion which can take a day or more, the cryptocurrency passes into the sole ownership of Genesis, throughout all this time being stored in BitGo. Therefore, the transaction record is not published on blockchain.
BitGo CEO Mike Belshe states that the solution will help to avoid risks connected with settlement failures occurring during over-the-counter trading. Also, BitGo can perform online settlements using cryptocurrencies instead of dollars and vice versa, with the guarantee of all obligations fulfillment, he added.
As previously reported, the Goldman Sachs investment bank and the Galaxy Digital venture company invested $15 million in BitGo.