The cryptocurrency management company BitGo has announced new services for institutional clients. This would help the crypto market to move forward and attract a larger number of investors. The instant trading services come after a decisive partnership with the digital asset trading infrastructure firm called SettleBit.
BitGo Starts Offering Crypto Services To Institutions
The crypto firm announced in a press release that they are already offering services to institutional investors around the world. BitGo is already handling and managing more than $2 billion in crypto assets through the custody solution service.
These services offered by BitGo have been functioning since January 22nd. The first day they handled $100,000 worth of Bitcoin. Today, this amount would be equal to around 11 BTC. SettleBit helped the firm process the trades while BitGo provided its API solution for investors.
About the recent partnership that made the new services possible, the CEO of SettleBit Leor Tasman commented:
“This represents a significant milestone for institutional clients in their ability to securely trade digital assets. Trading with no settlement risk is the Holy Grail for any investor, especially on crypto block trades. Together with the world’s leading custodian, our technology is creating new opportunities for all market participants.”
In addition to it, Mr. Tasman said that they are very excited about this new solution they are now providing to companies. According to Nick Carmi, the Head of Financial Services for BitGo, explained that the new trading feature is what clients need in order to trade virtual currencies without having to move them away from their cold storage.
This is not the first time that there is a crypto company offering services to institutional clients. Indeed, as the market expanded over the last few years, institutions and larger investors started to request improved services for them to also have exposure to virtual currencies.
Since the bull market in 2017, institutions such as the Chicago Mercantile Exchange (CME) or Bakkt, cryptocurrency exchanges like Coinbase or Binance, and financial firms, for instance, Grayscale’s Bitcoin Trust, started to offer solutions to larger traders.
BitGo is being part of a larger market trend in which the main goal is to offer solutions to cryptocurrency investors of all kinds. Institutions need to have better trading platforms in order for them to be protected. Moreover, with these solutions such as the ones offered by BitGo, standards in the industry are improved.