BitGo Enables Crypto Trading with Vault-Stored Funds

BitGo, a popular digital asset custody services provider, announced on Tuesday that it will allow its clients to directly trade crypto with their vault-stored funds.
The feature was added following a financial services provider SettleBit through API integration. Clients of the platform will get their price matched instantly with a liquidity network. The orders will be executed in real-time as soon as the funds are verified.

The platform will also allow its clients to directly send digital assets to the accounts of each other, without the risk of taking out funds from the cold storage.
Commenting on the development, Nick Carmi, BitGo’s financial services head, said: “We know that many of our clients want to be able to trade without moving their assets out of cold storage…Using our settlement API, SettleBit has created a simple and elegant solution.”
The platform executed the first trade of $100,000 worth Bitcoins with the new feature on January 22.
A competitive market for cold storage
Based in California, is fulfilling the demand of the institutions to securely store digital assets. The platform is one of the oldest in the arena and holds around $2 billion in assets under its custody.
However, the platform is now facing fierce competition from players like Gemini and Seed CX in handling the custodian needs of institutions. Another custodian, Anchorage, recently enabled similar directly from the vault-stored funds, Finance Magnates reported.
“This represents a significant milestone for institutional clients in their ability to securely trade digital assets. Trading with no settlement risk is the Holy Grail for any investor, especially on crypto block trades. Together with the world’s leading custodian, our technology is creating new opportunities for all market participants. We are excited about this opportunity and the continued development of our institutional services,” Leor Tasman, CEO of SettleBit, added.

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