BitGo Launches Institutional Trading Business

Cryptocurrency infrastructure firm BitGo Holdings (NYSE: $BTGO) has launched a new institutional trading and financial solutions business.

Called “BitGo Global Markets,” the new business brings together global liquidity, execution, financing, derivatives, and settlement services, according to the company.

The new institutional trading division is being led by former NYDIG executive Pete Janney following BitGo's acquisition of NYDIG's institutional and trading business earlier this year. 

About 30 employees joined BitGo following the NYDIG acquisition, bringing experience in derivatives, financing, collateral servicing, and structured products. 

Janney brings experience in trading and capital markets to the new venture, said BitGo in a statement. 

“BitGo has built a strong foundation across custody, liquidity, trading, financing, and settlement," said CEO Mike Belshe. “Global Markets brings these capabilities together with deeper capital markets expertise…” 

Under the new unit, BitGo's Global Liquidity Layer will provide access to spot trading and large over-the-counter transactions, drawing liquidity from exchanges and market makers. 

Institutional clients will be able to borrow against their cryptocurrency holdings to fund trading positions, with BitGo keeping the collateral in secure custody.

Additionally, BitGo Global Markets will offer options, swaps, and custom structured products for trading.

BTGO stock has declined 63% since going public in January of this year. The company’s share price is currently at $5.32 U.S.