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BitGo cryptocurrency exchange recently announced that it has allowed its customers to trade the crypto held in their BitGo custody account without having to move it against an exchange. Genesis Trading, as part of the deal, will execute trades on behalf of BitGo for its clients. BitGo clients will not have to open Genesis accounts to use the service.
Genesis Trading CEO Michael Moro
"BitGo clients, traditionally, would have to put the coins onto the exchange," Moro said.
"Genesis provides the quote, BitGo turns out to be and they can be segregated the coins and then send it to Genesis and we have a wallet at BitGo.
Bitcoin Credit Suisse Credit Suisse Credit Suisse Credit Suisse BitGo's customers will be able to start a new account.
BitGo's customers will have an entry to the service without any charges. Genesis Global will make money by pocketing the bid-offer or the difference between the buy and sell rates. CipherTrace's Q3 Cryptocurrency Anti-Money Laundering report, as of quarter-three, 2018, cryptocurrency thefts had already reached $ 927 million. The blockchain cybersecurity specialists had previously recognized hacks and theft at platform layers and exchanges to be a main problematic, developing moreits Q2 findings. Blockchain security firm CipherTrace recently reported that $ 731 million worth of cryptocurrencies were stolen from crypto exchanges during the first half of 2018.
Coincheck CEO Koichiro Wada said in an interview with Bloomberg:
"We were aware of people working on internal controls, management, and system risk. We strived to expand using headhunters and agencies, but ended up in this situation. "
Indeed, the Genesis announcement follows a similar partnership last year between BitGo's rival custody Kingdom Trust and trading firm OTCXN.
"The OTCXN platform is essentially a private blockchain where people go to make trades," said Matt Jennings, CEO of the Kingdom Trust (using the term "blockchain" figuratively). "We verify through that platform that the assets exist here, so you have a regulated entity verifying the assets are in cold storage."
