BitGo now allows clients to trade directly from their crypto custody accounts

BitGo, the $2 billion cryptocurrency custodian, has partnered with financial services provider SettleBit to let institutions to trade directly from their BitGo accounts.

Founded in 2013, BitGo offers security, custody, and liquidity solutions. Since launch, the firm has expanded from custody into clearing and settlement. In Jan. 2019, BitGo teamed up with over-the-counter (OTC) specialist Genesis Global Trading to allow its clients get quotes from Genesis and immediately sell the bitcoin held in their BitGo cold storage wallets.

According to a Tuesday press statement, BitGo clients can now trade directly from their custody accounts through an API integration with SettleBit’s settlement platform. With the new feature, clients can instantly get a price offer matched with a liquidity network and reach real-time settlement as soon as their funds are verified. Throughout the process, their funds will remain secure in cold storage.

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“We know that many of our clients want to be able to trade without moving their assets out of cold storage,” said Nick Carmi, BitGo's head of financial services. “Using our settlement API, SettleBit has created a simple and elegant solution.” 

The new feature has already seen its first trade, the statement noted, when Entertainment distribution network CMT Digital completed a trade of $100,000 worth of bitcoin on Jan. 22.

Right now, the platform supports trading in bitcoin, ether, and U.S. dollar, but the firm said it intends