Digital asset infrastructure provider and qualified custodian BitGo launched an over-the-counter (OTC) trading desk that includes integrated trading, derivatives, lending and qualified custody.
The platform features support for spot and derivatives trading, locked token transacting, lending and yield-generating products, and instant settlement, the company said in a Tuesday (Feb. 18) press release.
“Our integrated OTC offering gives clients the ability to execute with a full-service desk across spot, derivatives and lending, all while their assets stay protected in qualified custody until the time of settlement,” Matt Ballensweig, managing director, head of trading at BitGo, said in the release. “We then leverage BitGo’s Go Network to settle assets at the same time — minimizing the hyper-prevalent prefunding risk that underlies our market structure.”
The Go Network is the company’s settlement infrastructure launched in 2023 that enables clients to receive proceeds in crypto or cash instantly, per the release.
BitGo’s OTC trading desk has operated in stealth mode since early 2024, according to the release.
In that time, the platform processed billions in trading volume and built a lending book of over $150 million that services leading asset managers, the release said.
BitGo attributed the adoption of its OTC trading desk to its offering of deep liquidity, a comprehensive product offering and qualified custody.
“Having seen many market cycles and understanding what works and what doesn’t, we’ve been quietly building a proper institutional crypto trading desk, and now we’re confident we offer what other brokers can’t,” Ballensweig said in the release.
It was reported Feb. 11 that BitGo is considering an initial public offering (IPO) as soon as the second half of the year. The company was valued at $1.75 billion when it raised $100 million from investors in 2023.
BitGo debuted a dedicated retail platform in December, saying it is designed to offer retail customers access to the company’s digital asset trading, staking, wallets and qualified custody services.
“We are thrilled to launch BitGo’s dedicated retail platform and offer the same white-glove, crypto-native solutions to retail investors that we’ve delivered to the global institutional market since 2013,” BitGo CEO Mike Belshe said at the time in a press release.
