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BitGo & Genesis Trading Synergy to help Whales Avoid Crypto Exchanges

BitGo

BitGo, a blockchain security company recently partnered with Genesis Global Trading in order to enable its clients to trade crypto assets held in its custody.

The collaboration will let BitGo users trade crypto-assets without  the need to move their assets to another exchange. As per the partnership, Genesis will carry out trades without requiring BitGo’s users to open new addresses.

Additionally, the BitGo’s users will be able to access the service at no extra fee. Genesis will gain revenue by the difference betwixt the buy and sell rates or by pocketing the bid-offer spread.

Also Read: Binance marks Entry in European Market with Binance Jersey

From BitGO CEO’s Desk

Mike Belshe, the CEO of BitGo said the service will come with the same safety and security guarantees like before. He further said some firms sacrifice safety and security by allowing fast withdrawals from a cold-storage wallet. This makes users more susceptible to false instructions, theft, and hacking.

BitGo

Belshe also said the partnership with Genesis gives users access to liquidity via Genesis robust network of trading partners. He then added that this solves the real issue. The users can thus get sufficient liquidity. But it will not fulfill the requirement to speed up withdrawals.

From Genesis Trading CEO’s Desk

Michael Moro, the CEO of Genesis Trading said large traders and institutional crypto investors prefer the over-counter markets because there is deeper liquidity available. Also, hacking risks prevent them from using other exchanges.

BitGo

Also Read: Binance Succesfully Completes 6th Quarterly BNB token Burn

According to a Bloomberg report, another advantage the users can enjoy by trading crypto assets is more outlook regarding prices. But currently, there is a threat that prices could move against investors when they store their cryptos to the hot wallets of exchanges.

However, the news came four months after BitGo was granted the US regulatory approval to offer crypto custody services. At the time of approval,  BitGo CEO said that crypto custody services will aid in attracting institutional investors . .

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