On Wednesday, cryptocurrency custodial service Bitgo and over-the-counter (OTC) brokerage house Genesis Global announced a partnership to provide fast and secure trades directly from Genesis’ cold storage solution. Essentially, institutional investors who store their assets with Bitgo will be able to access cryptocurrency quotes in a high-frequency fashion similar to acquiring stocks or equities from traditional market makers.
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Bitgo Partners With Genesis Global
Cryptocurrency custodial platform Bitgo is adding a new service for its institutional clientele. According to the company announcement on Jan. 16, the firm has partnered with OTC operation Genesis Global Trading by adding a seamless integration to its custodial program with the market maker’s cold storage reserves. Now Bitgo customers can buy and sell with Genesis directly for no additional fees and purchase assets such as bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), litecoin (LTC), ripple (XRP), and zcash (ZEC).
The Genesis OTC and loan service was granted a Bitlicense in the state of New York last May and has continued to expand into 2019. More recently, Genesis Global released a financial report in October for 2018’s third quarter that shows the lender provided $553 million worth of crypto-infused loans. In the company’s press statements, Bitgo CEO Mike Belshe indicates that he thinks custodial clients will appreciate access to the digital asset liquidity Genesis provides. Further, the executive explained during the announcement that because Genesis is a regulated U.S. institution, this builds confidence among institutional investors and high net worth individuals.
“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,” Belshe detailed. “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.”
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