BitGo, a United States-based firm that handles about 20% of all Bitcoin transactions, is introducing BitGo Prime, a new entity specifically for institutional trading services.
On May 27, BitGo said that the new prime broker platform will incorporate multiple services targeting institutional investors. After launching an institutional-level crypto lending service in March 2020, the new full-service platform integrates institutional crypto lending, trading and custody services.
Bitgo’s team
BitGo Prime is led by Nick Carmi, who is appointed as CEO. Carmi joined BitGo just over a year ago as its head of financial services, having joined from Tower Research Capital. He previously held roles across the banking world, including at Deutsche Bank, Barclays and Lehman Brothers, among others.
“Our challenge was to build an innovative, sustainable trading and lending business that bridges the complex world of technology with the demands of the traditional financial markets,” Carmi said in a statement. “BitGo Prime delivers a new level of control over cryptocurrency trading by aggregating liquidity from multiple counterparties, optimizing order flow and executions directly from the investors’ custodial wallets.”
In a statement, BitGo CEO Mike Belshe said: “Launching BitGo Prime with its best-in-class trading and lending services is a critical milestone in the company’s journey as a prime broker and the leader in digital asset financial services.”
The news comes as institutional investors gain more interest in cryptocurrencies like Bitcoin. In April 2020, digital asset management fund Grayscale reported that Q1 2020 became its biggest quarter ever, with the majority of new capital coming from institutional investors. More than 90% of Grayscale’s Bitcoin Trust inflows come from institutional players.
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