BitGo Makes Trading Seamless with Fiat-Enabled Buying and Selling
Olivia Lovenmark
Jan 28th, 2019/2 minutes to read

Easy access to fiat is essential for buying and selling digital currencies because it allows traders to take advantage of market opportunities. Combining fiat with storage of crypto puts control back in the hands of traders; no more waiting for wire transfers to complete or needing to move your Bitcoin between a cold storage and trading account.

BitGo Trust clients can now deposit fiat currency. Holding fiat allows institutional clients to buy and sell digital currencies directly from their BitGo Trust account.

We introduced custody for fiat with the launch of BitGo’s seamless trading integration platform where clients can access deep liquidity via our network of trading partners. Last week, we announced that Genesis Global Trading is our first partner, and there are many more to come.

For liquidity providers who are not regulated to hold fiat or digital currencies, easy access to fiat reduces trade settlement time. Without a fiat account, traders must transfer money each and every time they want to execute a buy order. This process is both time consuming and cumbersome, relying on external parties for wire transfers as well as the transfer of assets between accounts. More importantly, a delay in getting coins to market can cause market risk in price fluctuations.

All cash deposits (USD only) are done through a wire transfer. Once the wire is received and validated, the cash balance is updated in the USD wallet in the BitGo application. Clients enter their bank wiring info directly in the BitGo app (or API) for Know-Your-Customer (KYC) and AML purposes, enabling BitGo Trust to validate the wire when received.

We look forward to announcing additional trading partners soon. Read more about BitGo’s trading integration platform in this Bloomberg article.

Connect with a member of our team to learn more about BitGo Custody.

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