Access on-exchange liquidity with assets secured in cold, insured, and qualified custody.
PALO ALTO, Calif., March 31, 2023 /PRNewswire-PRWeb/ -- BitGo, the leader in digital asset wallet security and custody, is excited to announce industry leading exchanges Bitstamp, Gate.io, INX, and Enclave Markets have joined the Go Network — a first-of-its-kind solution designed to enable institutions to safeguard, transact, and settle USD and digital assets across the BitGo ecosystem.
"The collapse of FTX and other platforms has put a spotlight on a critical gap in digital asset market structure," said Mike Belshe, Co-Founder and CEO of BitGo. "In traditional markets, assets are held by qualified custodians to create a separation of duties which protects investors. As the digital asset industry's first qualified custodian, BitGo is uniquely positioned to enable investors to safely access crypto markets without the fear their USD or digital assets will be lost or stuck in years-long bankruptcy proceedings. In other words, digital asset investors can now maximize both liquidity and security – as opposed to prioritizing one at the expense of the other."
"The collapse of FTX and other platforms has put a spotlight on a critical gap in digital asset market structure," said Mike Belshe, Co-Founder and CEO of BitGo. "In traditional markets, assets are held by qualified custodians to create a separation of duties which protects investors. As the digital asset industry's first qualified custodian, BitGo is uniquely positioned to enable investors to safely access crypto markets without the fear their USD or digital assets will be lost or stuck in years-long bankruptcy proceedings. In other words, digital asset investors can now maximize both liquidity and security – as opposed to prioritizing one at the expense of the other."
Historically, investors have had to deposit and hold assets directly on-exchange in order to access on-exchange liquidity. Through deep integrations with our partners, the Go Network will allow clients to trade directly at partner exchanges with their assets secured in cold, insured, and qualified custody at BitGo Trust. Due to the bankruptcy-remote nature of qualified custody, customer assets are protected in the case of insolvency at either a partner exchange or BitGo — a type of protection which non-qualified custodians simply cannot provide.
The Go Network will also create capital and operational efficiency improvements for institutional investors by providing a secure solution to manage their assets across multiple trading venues.
"Bitstamp sees the Go Network as a more connected and unified offering for institutional investors going forward," said JB Graftieaux, CEO of Bitstamp. "By enabling institutions to more efficiently allocate and settle trades, we can deliver a better end-user experience and increase institutional crypto adoption around the world."
"Gate.io strives to constantly improve and expand our services to better meet the needs of our clients," said Dr. Lin Han, Founder and CEO of Gate.io. "That's why we share the same goal with BitGo to broaden our top-notch offering to our institutional customers to promote investor confidence."
"The seamless experience we are building with BitGo is another step in our continued commitment to institutional clients," said INX Deputy CEO and COO Itai Avneri. "As operators of a fully regulated platform for cryptocurrencies and security tokens, INX and BitGo share a goal of delivering an efficient, secure, and compliant solution to meet the growing demands of institutions."
"Institutions are a driving force behind the expansion of the digital asset space, and a secure, multi-exchange trading environment will play an integral role in increasing investor trust and access," said David Wells, CEO of Enclave Markets. "Combined with Enclave's Fully Encrypted Exchange, institutions will have the ability to trade confidentially while also mitigating their market impact."
The Go Network will also fill a void in fiat onramp infrastructure left by the closures of the Silvergate Exchange Network (SEN) and Signature's Signet platform. In addition to being able to more safely access on-exchange liquidity, institutions can also securely hold and settle USD using the Go Network 24/7/365.
Integrations with partner exchanges will begin going live in early-Q2 2023 with more expected to join over the coming weeks and months. To learn more about becoming either a partner or client, please contact sales@bitgo.com.
For more information on Go Network, please see our blog post.
About BitGo
BitGo is the leader in wallet, custody and security solutions. Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets and established BitGo New York Trust in 2021. In 2022, BitGo launched institutional-grade DeFi, NFT and web3 services. BitGo secures approximately 20% of all on-chain Bitcoin transactions by value and supports more than 700 digital assets within its platform. BitGo provides the security and operational backbone for more than 1500 institutional clients in 50 countries, including many regulated entities and the world's top cryptocurrency exchanges and platforms. For more information, please visit http://www.bitgo.com.
About Bitstamp
Bitstamp is the world's original and longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record, cutting-edge market infrastructure and dedication to personal service with a human touch, Bitstamp's secure and reliable trading venue is trusted by over four million customers worldwide. Whether it's through its intuitive web platform and mobile app or industry-leading APIs, Bitstamp is where crypto enters finance.
About Gate.io
Founded in 2013, Gate.io has strived to provide its users with the best trading experience in the last nine years. As a result, in terms of trading volume, Gate.io is one of the top 10 crypto exchanges in the world, listing crypto assets that are high quality and have a high rate of return. Currently, Gate.io has 1500+ cryptocurrencies listed for trading and provides 2800+ trading pairs to over 12 million users worldwide.
About INX
INX provides a regulated trading platform for digital securities and cryptocurrencies. With the combination of traditional markets expertise and a disruptive fintech approach, INX provides state-of-the-art solutions to modern financial problems. INX is led by an experienced and dedicated team of business, finance, and technology veterans with the shared vision of redefining the world of capital markets via blockchain technology and innovative regulatory approach.
About Enclave Markets
Enclave Markets is the world's first fully encrypted exchange (FEX). The platform is built entirely within a Secure Enclave that prevents any party, including the exchange operators, from reading order activity and secures assets using a mechanism that eliminates the possibility of a single point of failure. Their first product, Enclave Cross, gives users access to an institutional-grade, fully confidential mid-match platform that allows participants to trade blocks of digital assets at the given market price without market impact.
