BitGo Launches Global OTC Trading Desk for Digital Assets Amid IPO Plans
According to Bloombergcryptocurrency company Bitgo Inc. has launched a global over-the-counter trading desk for digital assets as part of its public initiative.
Bitgo is expanding its services as institutional investors increase demand for cryptocurrencies. Additionally, the company is reportedly one of the largest digital asset custodians in the United States and is reportedly considering an initial public offering.
The company announced that BITGO’s new OTC table will provide spot and option trading for institutional investors and provide loans to facilitate margin trading. It has been providing billions of dollars in transaction volume and a loan book to selected clients since the beginning of last year. The table is available not only in the United States, but also in Hong Kong and several Middle Eastern countries.
After the crypto exchange FTX crash in 2022, trading on digital assets fell sharply, followed by major lenders such as Genesis, Blockfi and Celsius Network. As a result, investors have less leverage during the current crypto bull market, driven by the pro-Cretto stance of U.S. President Donald Trump.
Bitgo plans to leverage its custodial network, allowing investors to trade and exchange assets directly without relying on third-party custodial providers. “Expanding to capital markets and trading is just a natural extension of where we want to be,” said Matt Ballensweig, head of trading at Bitgo.
