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The security firm Blockchain, BitGo, has partnered with the over-the-counter (OTC) trading platform of Bitcoin (BTC) Genesis Global Trading. The partnership intends to allow customers to exchange cryptography directly with BitGo's custody, according to a press release published today, January 16th.
Following the recent acquisition of a custody crypt qualification, BitGo has sought to improve its custody services by protecting customers' funds by allowing them to exchange digital resources without the need for hard storage.
The new feature allows customers of the BitGo custody service to make purchase and sales orders directly from the company's cold room without the need to manage keys or move their resources. Internal cold storage operations are provided at no additional cost, the announcement notes.
As of now, BitGo deposit customers will be able to execute internal transactions on the same day, powered by Genesis's high liquidity based on a large network of trading partners.
According to the CEO of BitGo, Mike Belshe, some custodians prefer to sacrifice security by offering quick retreats from cold storage, which puts them at risk of being hacked or misled by false instructions.
Genesis Global Trading, a subsidiary of the Digital Currency Group, is an important global company offering over the counter encryption transactions that provide a high level of liquidity to institutional investors. In May 2018, Genesis became the first New York-based company to acquire BitLicense from the New York Financial Services Department.
Genesis is registered with leading US financial regulators such as the United States Securities and Exchange Commission (SEC) and the Financial Regulatory Authority (FINRA).
Founded in 2013, BitGo, based in California, is a blockchain company and a portfolio of digital currencies that offers tools for archiving over 100 cryptocurrencies and tokens, according to the press release. In September 2018, the company received from the South Dakota Division of Banking a fiduciary company status enabling it to operate as a qualified depositary for cryptography.
At the beginning of this week, the leading Swiss private investment bank Vontobel – with CHF 110.3 billion ($ 112.2 billion) in assets – launched a crypto-custody service aimed at banks and asset managers.
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