BitGo, a Palo Alto-based security company announced on 16 January 2019 that it has developed a platform which allows traders to transact directly with its secure cold storage.
The blog headlined that this venture comes as a partnership between BitGo and Genesis Global Trading. BitGo emphasized the importance of this partnership, also noting the initiative of BitGo is to bring in professional blockchain solutions.
BitGo has set on advanced steps of technological advancement by healthily combining seamless trading with next-gen cold storage solutions. Genesis, which is already a market leader in over-the-counter(OTC) digital currency trading has backed BitGo by providing traders with competitive prices and same day settlement.
As further noted in the blog, this mode of cold operation is called ‘deep liquidity network’. The provision allows users to operate on their cold storage without anxieties. They can trade securely from their BitGo accounts and not worry about managing a host of private keys.
Michael Moro, CEO of Genesis Trading, cited:
“Hot wallets are online, so hackers can do whatever they do to get the coins.”
Moro highlighted the benefits of keeping funds in cold storage, stating the latency involved with hot funds while transferring them to exchange wallets for trading. CEO of BitGo, Mike Belshe, also commented on the safety achieved through cold storage like prevention of theft and human missteps.
The blog has made it clear that there would be no extra fees levied for this service. It stressed on the trio goals of liquidity, security, and compliance. Through providing an attractive user interface, BitGo’s platform distinguishes itself as a go-to destination for small and large volume traders.
BitGo made it clear in their blog that providing industry-grade security would be their primary concern. The blog mentioned that some platforms who are in an effort to speed up the process of withdrawals from cold storage often compromise security. This lapse would introduce repercussions like hacking and theft.
BitGo achieves an ideal trade-off by allowing customers to trade directly from their BitGo Trust accounts. This process does not merely concentrate on faster withdrawal times, rather on better access to liquid funds.
The host of cryptocurrency trading options available are Bitcoin(BTC), Bitcoin Cash(BCH), Ethereum(ETH), Ethereum Classic(ETC), Litecoin(LTC), Ripple(XRP) and Zcash(ZEC).
We are witnessing a steady rise in industry-first ventures that are aimed at better customer experience. With the extreme volatility in crypto prices, investors are concerned to better protect their funds. BitGo’s offer seems to work towards the betterment of crypto services.