BitGo & Genesis Trading Want to Help Whales Avoid Crypto Exchanges

Blockchain security firm BitGo has entered a partnership that will allow its clients to trade cryptocurrency assets that are held in its custody.

The partnership with over-the-counter exchange Genesis Global Trading will allow BitGo clients to trade their digital assets without having to move them from the custody service to a crypto exchange. Under the partnership, Genesis will execute the trades without requiring BitGo’s clients to open new accounts.

BitGo’s clients will access the service at no extra fee. Genesis Global Trading will make money by pocketing the bid-offer spread or the difference between the buy and sell rates. According to the CEO of BitGo, Mike Belshe, the service will come with the same security and safety guarantees:

Some custodians are choosing to sacrifice security and safety by enabling fast withdrawals from cold-storage which makes their clients more susceptible to hacking, false instructions, and theft. Our partnership with Genesis, a FINRA and SEC regulated company, gives our clients access to liquidity through Genesis’ robust network of trading partners. And that solves the real problem which is the need to access liquidity – not the need to speed up withdrawals.

Reference: https://www.ccn.com/bitgo-genesis-trading-want-to-help-whales-avoid-crypto-exchanges/

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