PALO ALTO, May 27, 2020 — BitGo, the leader in digital asset financial services, announced today that it is now offering institutional trading services through its new entity BitGo Prime. The ability to seamlessly trade from secure, insured cold storage is being offered exclusively to BitGo Prime clients, whose assets are held with qualified custodian BitGo Trust.
In combination with institutional lending services launched earlier in the year, BitGo is the first digital asset financial services company to offer a deeply integrated solution with lending, trading and custody. BitGo’s transformation into a prime broker marks a new milestone for both the company and the industry. 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. 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 BitGo Prime.
BitGo Prime is led by Nick Carmi, who is appointed as CEO. Carmi 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. The launch follows a lengthy private beta during which BitGo Prime worked closely with leading institutions to hone and refine its trading and lending offering.
“For the past two years, we have experienced exceptional growth and global expansion of new products and services,” said Mike Belshe, CEO of BitGo Inc. and BitGo Holdings. “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.”
“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,” said Nick Carmi. “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.”
Benefits of BitGo Prime Trading
Offers deep liquidity through aggregated pricing feeds
Operates within a riskless principal model
Trading on a fully non-disclosed basis
Turnkey execution solution
Simplified access to liquidity from the clients’ own accounts (wallets)
Deep liquidity as BitGo Prime sources from multiple counterparties like exchanges and professional market makers
Fully integrated with BitGo Portfolio & Tax
Access to best-in-class regulated, qualified custody offered by BitGo Trust Company
Assets in custody are insured by BitGo’s coverage for $100M
Ability to work with regulated custodian BitGo Trust Company
BitGo platform is SOC 2 Type 2 certified
For more information, contact [email protected].
BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions. In early 2020, the company launched digital asset lending services, as well as BitGo Portfolio and BitGo Tax to manage activities across wallets, exchanges and service providers. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes over 20% of all global Bitcoin transactions, and supports over 250 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.
BitGo Prime LLC is not engaged in the offer, sale, or trading of securities. BitGo Trust Company is not engaged in the offer, sale, or trading of securities or digital assets. BitGo Prime LLC and BitGo Trust Company are not registered with the SEC. Custody, trading, and settlement services are not marketed to residents of the EU, and are not yet offered to residents of New York. No legal, tax, investment, or other advice is provided by any BitGo entity.