Cryptocurrency custodian BitGo and over-the-counter (OTC) specialist Genesis Global Trading have teamed up on a service designed to make Wall Street feel more comfortable dipping a toe in the market.
Announced today, the tie-up means institutional investors storing digital assets with BitGo can use Genesis’ platform to execute trades at the speed they are accustomed to in the traditional financial markets.
For example, if a client holds 100 bitcoin in their BitGo cold storage wallet, they can get a quote via Genesis and sell those bitcoins immediately. The moment the client agrees on the trade, BitGo locks up the 100 bitcoin and holds them to give to Genesis, which initiates a U.S. dollar bank wire to BitGo.