Digital asset custody provider BitGo announced on Wednesday it is now offering institutional trading services through its new entity, BitGo Prime. BitGo claims that the BitGo Prime’s trading services will provide institutional investors with best-in-class service, increased liquidity, fast execution, and competitive aggregate pricing.
“Institutional investors will be able to trade instantly and directly from their custodial wallets with all the security, compliance and insurance benefits of BitGo Custody. Clients remain completely anonymous while trading given that BitGo Prime is their sole counterparty.”
BitGo further explained that initially BitGo Prime’s trading services will be offered to investors with fully funded accounts. However, the ability to trade on non-fully funded accounts will be available through a line of credit offered by the service.
Nick Carmi is now leading BitGo Prime as its CEO. He joined BitGo last year as Head of Financial Services to build the digital asset financial services market of the future along with his team of senior Wall Street executives. While sharing more details about the BitGo Prime services, Mike Belshe, CEO of BitGo Inc. and BitGo Holdings, stated:
“For the past two years, we have experienced exceptional growth and global expansion of new products and services. Launching BitGo Prime with its best-in-class trading and lending services is a critical milestone in the company’s journey as a prime broker and the leader in digital asset financial services. Nick and his talented team did an extraordinary job helping us to build a better financial model for our institutional clients.”
Carmi added:
“Our challenge was to build an innovative, sustainable trading and lending business that bridges the complex world of technology with the demands of the traditional financial markets. BitGo Prime delivers a new level of control over cryptocurrency trading by aggregating liquidity from multiple counterparties, optimizing order flow and executions directly from the investors’ custodial wallets.”
