Crypto custodian BitGo has entered into a partnership with over-the-counter (OTC) digital currency trading firm Genesis Global Trading.
The partnership will see BitGo Trust’s institutional clients gain access to Genesis’ crypto liquidity via its network of trading partners, as well as real-time pricing and the ability to execute buy and sell orders from cold storage without having to manage keys.
“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,” said Mike Belshe, CEO of BitGo.
“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.”
Last month, BitGo announced that Richard Corcoran will take up the position of CEO of the BitGo Trust Company, which offers regulatory compliance through its custodian license and cold storage technology. Corcoran has more than 30 years’ experience as a senior trust executive, most recently heading up the trust department at the First National Bank in Sioux Falls.
“BitGo has been a terrific, long-term partner to Genesis and we have a lot of confidence in their institutional offerings,” Michael Moro, CEO of Genesis, also commented. “We are an industry leader in digital currency trading and lending, and providing liquidity for companies like BitGo is an important part of our value proposition.”