Crypto ECN Finery Markets and BitGo Partner to Offer Integrated Trading and Settlement Product

BitGo and Finery Markets have announced a partnership that will offer an integrated crypto trading market and off-exchange settlement product.

BitGo is a digital asset infrastructure provider that offers custody, wallets, staking, trading, and settlement. Founded in 2013, it reports serving over 1,500 institutional clients.

Finery Markets is a non-custodial crypto ECN [electronic communication network] that enables trading for institutional clients in over 30 countries. This includes payment providers, brokers, OTC desks, hedge funds, and custodians.

The two companies state that now, with their new service, prime brokers, OTC desks, and exchanges can leverage the trading infrastructure, knowing that counterparty assets are secured and automatically settled by BitGo, a regulated, and qualified custodian.

BitGo states that it will secure assets in a “bankruptcy remote,” qualified custody via BitGo Trust Company, Inc. (BitGo Trust) and use Go Network to clear and settle trades on Finery’s non-custodial platform.

By offering a single platform to manage trading and settlement, the two companies claim they have significantly reduced the operational burden that primes face today when onboarding with multiple OTC counterparties to access liquidity.

Konstantin Shulga, CEO and co-founder of Finery Markets, said the partnership with BitGo is a commitment to innovation.

“We are incorporating best practices from traditional financial markets into the digital asset industry. By separating the trading and settlement layers and enabling them to work together smoothly, we’re speeding up settlements, drastically reducing counterparty risk, and unlocking capital for more productive uses.”

Matt Ballensweig, Managing Director at BitGo explained that previously, primes and OTC desks would need to bilaterally settle transactions daily with both their liquidity providers and their takers. The partnership will allow them to offload that responsibility to BitGo Trust.

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