Institutional virtual currency traders do not have a smooth crypto experience when their crypto is being held in a cold storage.
To bridge this gap, BitGo, a blockchain security firm providing secure cold storage services to institutional investors, has joined hands with Genesis Global Training. Genesis is a reputable over-the-counter platform specializing in Bitcoin trading and other virtual currencies.
Mike Belshe, BitGo’s CEO, said that:
Some custodians are choosing to sacrifice security and safety by enabling fast withdrawals from cold storage which makes their clients more susceptible to hacking, false instructions, and theft. Our partnership with Genesis, a FINRA and SEC regulated company, gives our clients access to liquidity through Genesis’ robust network of trading partners.
According to Belshe, the partnership addresses the access to liquidity rather than access to withdrawals.
Michael Moro, Genesis’ CEO, was also positive about the new partnership saying that it forms part of their “value proposition.”
The partnership between the two firms will definitely provide a smooth crypto trading experience since clients will be able to:
Maintain assets in custody with BitGo Trust Company, the first qualified custodian purpose-built for digital assets, get online, real-time pricing for buy and sell orders, and [perhaps most importantly] easily execute transactions from cold storage without having to manage keys.
Among the currencies that can be traded include, but not limited to, Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH).
While speaking to Coindesk, Moro said that once a BitGo client agrees to a trade, their coins will not be leaving the cold storage since Genesis has “a BitGo Trust wallet.” This implies that the coins will never be held in online wallets.
Do you think a smoother crypto trading experience will encourage institutional investors to be actively involved in daily crypto trading?
Let us know your thoughts from the comments section below.