BitGo is introducing BitGo Prime, a new entity specifically for institutional trading services.
On May 27, BitGo announced that the new prime broker platform will incorporate multiple services targeting institutional investors.
The new full-service platform integrates institutional crypto lending, trading and custody services.
Nick Carmi, head of financial services at BitGo and the newly appointed CEO of BitGo Prime, says that institutional-grade trading services have been available on BitGo in private beta for several months:
“BitGo has always been focused on servicing institutional investors. What’s different here is that we’ve launched a prime broker business to deeply integrate the services of lending, trading and custody.”
BitGo says that the new platform allows trading from insured cold storage that is offered exclusively to BitGo Prime clients, whose assets are held with regulated custodian BitGo Trust.
At the initial launch, BitGo Prime will feature trading for the top-two cryptocurrencies — Bitcoin and Ether and the United States dollar.
“We will be adding support for the top 12 most active coins very shortly.”
BitGo promises to ensure anonymity for traders. BitGo Prime clients remain “completely anonymous” while trading, with the platform itself being their sole counterparty.
Carmi explained that traders on BitGo Prime remain undisclosed to market makers.
Meanwhile, the platform ensures compliance with Know Your Customer and Anti-Money Laundering measures:
“The client is not anonymous to BitGo — they’ve been fully vetted under KYC/AML procedures. They remain undisclosed to the market and market makers. This is important so as not to tip off who may be making large trades and is standard practice with prime brokers in more traditional asset classes.”