Genesis Partners With Blockchain Security Firm BitGo to Provide Direct Custody Operations
Blockchain security firm BitGo has partnered with Genesis Global Trading to enable direct trading on its custody service.
Blockchain security firm BitGo has partnered with Bitcoin (BTC) over-the-counter (OTC) trading platform Genesis Global Trading. The partnership intends to allow clients to trade crypto directly from BitGo custody, according to a press release posted today, Jan. 16.
Following the recent acquisition of a crypto custodian qualification, BitGo has endeavored to improve its custodial services by protecting clients’ funds through allowing them to trade digital assets without need for withdrawals from hard storage.
The new feature enables clients of the BitGo custody service to conduct buy and sell orders directly from the company’s cold storage with no need to manage keys or move their assets. The internal cold storage operations are provided with no additional fees, the announcement notes.
Starting from now, BitGo custody clients will be able to execute internal settlements on the same day, powered by Genesis’ high liquidity based on a big network of trading partners.
According to BitGo CEO Mike Belshe, some custodians prefer to sacrifice security by offering fast withdrawals 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 a major global firm providing over-the-counter crypto trading that provides deep level of liquidity to institutional investors. In May 2018, Genesis became the first New York-based company to acquire the BitLicense from the New York Department of Financial Services.
Founded in 2013, California-based BitGo is a blockchain firm and a digital currency wallet that offers tools for storing more than 100 cryptocurrencies and tokens, according to the press release. In September 2018, the firm received a state trust company charter from the South Dakota Division of Banking allowing it to operate as a qualified custodian for crypto.