In early 2023, BitGo will launch our settlement Network, so traders can access multiple venues at once in a safe, direct manner, while our exchange partners get higher trading volume.
How it works
With BitGo Network, institutions are able to trade at supported exchanges without their funds ever leaving qualified custody at BitGo Trust Company (“BitGo”). Funds are allocated, deallocated, and settled off-chain, and remain safe and secure in cold storage at BitGo throughout the process.
To get started, traders will need accounts at both BitGo and whichever venues they plan to use (these venues must be part of BitGo Network to be eligible). Once they allocate funds to each exchange, BitGo will pass that information securely to each venue and the trader’s balance will get updated accordingly.
Traders can then trade as they normally would — directly from their account at the exchange’s venue without having to physically transfer funds to the exchange. At the end of the day, BitGo facilitates an automated, off-chain settlement process with the exchanges so all parties end up flat.
How this helps exchanges
Exchanges that become part of the BitGo Network will earn access to high-quality trading flow.
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Drive higher trading volume. By being a part of BitGo’s Network, you’ll make it simpler to connect with BitGo’s hundreds of institutional and platform clients.
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Work with high-quality firms. Your increased volume will come from BitGo’s customer base of large investors, whose funds remain locked — reducing the risk of settlement failures from lack of funds.
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Separate custody and trading. As regulations continue to evolve worldwide, you’ll already be well-prepared.
How this helps traders
With BitGo Network, high-volume traders like hedge funds and market makers will be able to trade on multiple exchanges — faster, safer, and more efficiently than ever before.
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Trade more securely. Keep buying and selling while your funds remain in the safety of BitGo’s regulated, insured cold storage — rather than in a hot wallet at the exchange itself.
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Trade more efficiently. Reduce your operational burden by allocating assets through one interface, connecting to exchanges without custom tools or processes, and settling off-chain.
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Trade faster, with more control. Speed up asset allocation, fine-tune your trades, and leverage BitGo’s policies and permissions to control the flow of funds.
In the current world, traders are, naturally, free to park funds across multiple exchanges. But doing so means taking on extra risk, since the funds stay in an exchange’s hot wallets. It also requires extra operational work to manage separate venues and more fees, thanks to on-chain settlement.
BitGo Network, meanwhile, gives you a full set of trading options without sacrificing security or efficiency in the process.
BitGo Prime customers will, of course, be able to continue using our native trading platform. BitGo Network simply provides an extra option for those who trade at higher frequency or wish to make more specific choices about trade execution.
Our initial exchange partners
When we launch in early 2023, BitGo’s exchange partners will include Blockchain.com, INX, and Enclave Markets with additional exchanges joining.
Where to learn more
Exchanges should reach out to sales@bitgo.com to discuss becoming a part of the BitGo Network.
Traders can join the waitlist, meaning you’ll get first access to the new platform and opportunities to provide feedback.
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BitGo is the digital asset infrastructure company, delivering custody, wallets, staking, trading, financing, and settlement services from regulated cold storage. Since our founding in 2013, we have been focused on accelerating the transition of the financial system to a digital asset economy. With a global presence and multiple regulated entities, BitGo serves thousands of institutions, including many of the industry's top brands, exchanges, and platforms, and millions of retail investors worldwide. For more information, visit www.bitgo.com.
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