BitGo Announces Off-Chain Clearing and Settlement Service
PALO ALTO, Calif.--(BUSINESS WIRE)--May 14, 2019--
BitGo, the leader in digital asset financial services, today announced its off-chain Clearing and Settlement Service for clients of qualified custodian BitGo Trust Company. Assets never need to leave custody, and, with BitGo Trust as the custodian for both sides of the trade, counterparty risk is minimized. Clearing and settlement is fast, compliant, and secure.
In the current market structure for digital assets, institutional investors are subject to:
BitGo’s Clearing and Settlement Service was designed to solve these critical issues. The service is offered to OTC desks, single dealer platforms, exchanges, asset managers, and broker-dealers. All participants custody their digital assets with BitGo Trust Company. As a result of using a common custodian, participants will be able to choose which partners to clear and settle with, and check their trading limits pre-trade.
“Until now, in a digital asset trade, one party needed to assume all of the risk and act on the counterparty’s good faith, and this doesn’t really work for institutional investors,” said Mike Belshe, CEO, BitGo. “We are bringing to market a riskless, efficient, and compliant digital asset clearing and settlement, and what makes this service possible is BitGo Trust’s strong client base.”
With BitGo’s Clearing and Settlement Service, assets remain in cold storage at all times. Trades are settled off-chain. Upon withdrawal, they are reconciled on-chain. Client benefits include:
For more information, contact firstname.lastname@example.org.
BitGo is the leader in digital asset financial services, providing institutional investors with security, custody, and liquidity solutions. BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. The company supports over 100 coins and tokens, and has over $2 billion in assets in wallet and custody. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190514005439/en/
CONTACT: For BitGo:
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE SECURITY PROFESSIONAL SERVICES BANKING FINANCE
Copyright Business Wire 2019.
PUB: 05/14/2019 10:03 AM/DISC: 05/14/2019 10:03 AM