BitGo to allow direct crypto trading with vault-stored coins

on Feb 5, 2020
Updated: Mar 11, 2020
  • Crypto custodian BitGo recently partnered up with a financial service provider SettleBit.
  • The partnership will allow the platform to allow its users to trade crypto directly from their cold storage, or to send funds to each other without taking them out of the wallets.
  • The new feature was already tested by BitGo, and the trials were successful, which will once again give BitGo an advantage over competitors.

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Popular crypto custody service provider, BitGo, recently announced that it will soon allow its users to trade digital currencies by using their vault-stored funds directly. The new feature comes soon after the service announced its new partnership with SettleBit, a known financial service provider.

The platform’s users will now be able to get prices matched instantly, thanks to the service’s liquidity network. Further, the orders will be executed as soon as the user funds are verified, and it will happen in real-time.

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Next, the platform will also provide its clients with the ability to send their digital assets to each other directly. In other words, the move will eliminate any risk that comes from removing the funds from the cold storage.

BitGo’s new feature to bring greater security for institutions

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BitGo’s head of financial services, Nick Carmi, stated that many of the company’s clients wanted to be able to trade cryptos without having to remove their funds from the vault. Now, SettleBit managed to create a new, elegant, and simple solution with the company’s settlement API.

BitGo already executed its first trade with a new feature a few weeks ago, on January 22nd. It successfully traded $100,000 in BTC, and its new move is expected to be a significant milestone that will allow institutional clients to safely trade their funds.

BitGo itself is one of the oldest crypto custodians, and it currently holds around $2 billion in assets. However, in the last few years, the platform saw a major rise in competition, as players such as Seed CX, Gemini, and others started offering similar services. Now. with the new ability to allow traders to trade directly from cold storage, BitGo is once again changing the game and establishing itself as a leader along the way.