SettleBit Successfully Completes First API Trade Via BitGo Custody

DOVER, DE / ACCESSWIRE / February 5, 2020 / SettleBit, a leading provider of unified digital asset trading infrastructure, is excited to announce that the first trade in partnership with BitGo has been completed successfully. The trade was accomplished using BitGo’s settlement API and the SettleBit platform, which enables automatic digital asset trading. CMT Digital was the first party to benefit from the partnership, having successfully concluded the inaugural trade on January 22. The trading feature is now operational on the BitGo platform, enabling clients with custodial accounts to execute trades directly.

SettleBit is a digital asset trade settlement platform with a user-friendly interface. In order to use the BitGo trading feature, a client must have established a trading relationship with SettleBit and be a client of BitGo Trust. The new feature allows BitGo Trust clients to instantly get a price offer to buy or sell digital assets, and trade directly from their accounts. Quotes are matched with a liquidity network to find the best price, and once both parties’ funds are verified, settlement happens in real-time. Because all traded assets remain in cold storage, there are no security risks.

The partnership means that institutional investors now have access to easy, fast and secure trading of digital assets, which, in turn, supports the increasing adoption of cryptocurrencies. Currently, the platform supports trading in BTC, ETH, and USD, although several more utility tokens and stablecoins will be added in the near future.

Commenting on the successful conclusion of the first trade, and the potential of the new partnership, Leor Tasman, CEO at SettleBit said: “This represents a significant milestone for institutional clients in their ability to securely trade digital assets. Trading with no settlement risk is the holy grail for any investor, especially on crypto block trades. Together with the world’s leading custodian, our technology is creating new opportunities for all market participants. We are excited about this opportunity and the continued development of our institutional services.”

Nick Carmi, Head of Financial Services at BitGo added: “BitGo Custody provides the ultimate security for digital assets but we know that many of our clients want to be able to trade without moving their assets out of cold storage. Using our settlement API, SettleBit has created a simple and elegant solution.”

About SettleBit:

SettleBit is a financial services company, a global clearing and settlement protocol standardization for digital assets that enables high velocity, efficient, and secure trading across custodians.

SettleBit was founded by Leor Tasman, one of the founders of Prycto Trading. Founded in 2017, Prycto is a prominent liquidity provider for major centralized and DeFi crypto exchanges and has been paving the way for institutions to trade digital assets at scale sense 2017.

About BitGo, Inc.:

BitGo is the leader in institutional digital asset financial services, providing clients with security, custody, and liquidity solutions. BitGo is the world’s largest processor of on-chain Bitcoin transactions, processing over 20% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.


Dan Edelstein

SOURCE: SettleBit

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