{"id":96871,"date":"2019-01-18T22:51:50","date_gmt":"2019-01-19T06:51:50","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=96871"},"modified":"2026-04-16T17:29:33","modified_gmt":"2026-04-16T16:29:33","slug":"bitgo-cold-storage-cryptocurrency-trading","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitgo-cold-storage-cryptocurrency-trading\/","title":{"rendered":"Custody or Convenience: BitGo Offers Cold Storage Cryptocurrency Trading"},"content":{"rendered":"<p>There are tradeoffs between centralization and convenience in cryptocurrency trading. <a href=\"https:\/\/www.bitgo.com\/\">BitGo<\/a> has partnered with <a href=\"https:\/\/genesistrading.com\/\">Genesis Global Trading Inc.<\/a> to introduce a new method for exchanging funds offline that could offer greater flexibility and security, but it may come at the cost of custody.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In partnership with <a href=\"https:\/\/twitter.com\/GenesisTrading?ref_src=twsrc%5Etfw\">@GenesisTrading<\/a>, &quot;BitGo Inc.\u2019s customers will be able to buy or sell Bitcoin, Ether and other digital assets without the coins ever leaving cold storage.&quot; @mattleising via <a href=\"https:\/\/twitter.com\/technology?ref_src=twsrc%5Etfw\">@technology<\/a> <a href=\"https:\/\/t.co\/bXsqCSysfl\">https:\/\/t.co\/bXsqCSysfl<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/custody?src=hash&ref_src=twsrc%5Etfw\">#custody<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/digitalcurrencies?src=hash&ref_src=twsrc%5Etfw\">#digitalcurrencies<\/a><\/p>\n<p>&mdash; BitGo (@BitGo) <a href=\"https:\/\/twitter.com\/BitGo\/status\/1085539285003001856?ref_src=twsrc%5Etfw\">January 16, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Mainstream investors have shied away from cryptocurrency investment. Not only because of the volatility, but because of rampant hacking and theft\u2014as demonstrated by the recent <a href=\"https:\/\/cryptoslate.com\/binance-freezes-hacked-cryptopia-funds-cryptocurrency-fungibility\/\">Cryptopia hack<\/a>\u00a0and the infamous <a href=\"https:\/\/cryptoslate.com\/mt-gox-ordered-to-repay-victims-of-850000-bitcoin-hack\/\">Mt. Gox heist<\/a> of 2014.<\/p>\n<p>BitGo wants to provide a way to mitigate some of these risks. The service will soon provide the ability to buy and sell <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">bitcoin<\/a>, <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ether<\/a>, and other coins (listed below) without the need to remove them from cold storage. This has the potential to provide peace of mind and could be one factor that institutional investors are looking for.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In a blog post citing the first exchange hack of 2019, <a href=\"https:\/\/twitter.com\/MandalaEx?ref_src=twsrc%5Etfw\">@MandalaEx<\/a> CEO <a href=\"https:\/\/twitter.com\/CryptoFlanders?ref_src=twsrc%5Etfw\">@CryptoFlanders<\/a> explains why they chose BitGo for custody: &quot;to mitigate risk.&quot; <a href=\"https:\/\/t.co\/o6OYDY87C0\">https:\/\/t.co\/o6OYDY87C0<\/a><\/p>\n<p>&mdash; BitGo (@BitGo) <a href=\"https:\/\/twitter.com\/BitGo\/status\/1085624807566204929?ref_src=twsrc%5Etfw\">January 16, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>BitGo is a blockchain security company founded in 2013. The company claims to be a market leader in institutional and cryptocurrency financial services, <a href=\"https:\/\/www.bitgo.com\/info\/company#about\">touting<\/a> the slogan \u201c<em>modern custody for modern assets<\/em>.\u201d<\/p>\n<p>According to the <a href=\"https:\/\/www.bitgo.com\/info\/company#about\">company\u2019s website<\/a>, BitGo processes &#8220;15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies [supporting] over 100 coins and tokens, and has over $2 billion in assets in wallet.\u201d<\/p>\n<p>BitGo is partnering with Genesis Global Trading Inc., an over-the-counter (OTC) digital currency trading company serving institutional clients.<\/p>\n<h2>Examining the Partnership<\/h2>\n<p>According to the company\u2019s <a href=\"https:\/\/blog.bitgo.com\/with-bitgo-security-and-liquidity-go-hand-in-hand-6278ad048da7\">blog<\/a>, BitGo announced its partnership with Genesis, claiming that it demonstrates a \u201ccommitment to developing institutional-grade cryptocurrency infrastructure\u201d and will provide a \u201cone-of-a-kind, full-scale solution\u201d for its clients:<\/p>\n<blockquote><p>\u201cBitGo has developed a seamless integration to easily connect trading platforms with our industry-leading cold storage custody solution. Through this platform, Genesis [will] provide BitGo Trust clients with a deep liquidity network and access to competitive pricing and same day settlement.\u201d<\/p><\/blockquote>\n<p>Accordingly, BitGo\u2019s clients will have access to real-time pricing for buy and sell orders without the need to manage keys. Cryptocurrencies available through Genesis Global Trading include <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin-cash\/\">Bitcoin Cash<\/a> (BCH), <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum-classic\/\">Ethereum Classic<\/a> (ETC), <a href=\"https:\/\/cryptoslate.com\/coins\/litecoin\/\">Litecoin<\/a> (LTC), <a href=\"https:\/\/cryptoslate.com\/coins\/xrp\/\">XRP<\/a> (XRP), and <a href=\"https:\/\/cryptoslate.com\/coins\/zcash\/\">Zcash<\/a> (ZEC).<\/p>\n<h2>Storage and Compliance<\/h2>\n<p>Cold storage is the process of storing cryptocurrency in a medium that\u2019s disconnected from the internet. Such separation means fewer points of contact with the outside world, and consequently, fewer opportunities for hackers to steal those funds. In an <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-01-16\/crypto-s-billion-dollar-theft-problem-prompts-safer-way-to-trade?srnd=cryptocurrencies\">article on Bloomberg<\/a>, BitGo\u2019s co-founder and CEO Mike Belshe had this to say about the storage method:<\/p>\n<blockquote><p>\u201cBeing able to buy or sell in offline-mode means coins aren\u2019t sent to exchanges, cutting the risk of theft [and] human error.\u201d<\/p><\/blockquote>\n<p>In addition to alleged liquidity and security, the newfound partnership also offers compliance. Genesis is a <a href=\"http:\/\/www.finra.org\/\">FINRA<\/a> and <a href=\"https:\/\/www.sec.gov\/\">SEC<\/a> regulated company\u2014and for many institutional investors compliance is a hurdle to speculating on cryptocurrency, and is especially so considering that the SEC has suggested that trading cryptocurrency\u2014and any associated <a href=\"https:\/\/www.sec.gov\/news\/public-statement\/enforcement-tm-statement-potentially-unlawful-online-platforms-trading\">criminality<\/a>\u2014is not beyond the agency\u2019s purview.<\/p>\n<p>Institutional investors who may be hesitant to personally manage wallets and deal with exchanges (like <a href=\"https:\/\/www.coinbase.com\/\">Coinbase<\/a>) will be relieved to transact in a \u201cfamiliar way\u201d through Genesis. If an investor, for instance, wants to buy or sell bitcoin from a BitGo wallet, then Genesis will act on behalf of the client\u2014much the same way that a stock exchange does.<\/p>\n<p>BitGo hopes that this familiarity, coupled with the security of cold storage, are the incentives needed to encourage institutional investors to commit to cryptocurrency.<\/p>\n<blockquote><p>\u201cPartnering with Genesis underscores our commitment to developing institutional-grade cryptocurrency infrastructure and represents the first of many trading integration partnerships.\u201d<\/p><\/blockquote>\n<p>In addition to a purported \u201cseamless experience\u201d and \u201csmooth user interface,\u201d there will be no fees for the service\u2014a rare perk in an industry with relatively high fees when compared to traditional finance.<\/p>\n<h2>Questions Around Custody<\/h2>\n<p>The premise behind BitGo\u2019s cold storage trading provides another layer of abstraction with potential for abuse. Once funds are taken offline and represented via BitGo\u2019s databases, it becomes much more difficult, if not impossible, to trace where those funds are moving via the blockchain.<\/p>\n<p>This is the antithesis to the recent \u201c<em>Proof of Keys<\/em>\u201d movement, an initiative by <a href=\"https:\/\/www.bitcoin.kn\/2018\/03\/the-bitcoin-hodler-of-last-resort\/\">HODLers of Last Resort<\/a> to encourage people to \u201ctake control of their monetary sovereignty\u201d through regular, coordinated withdrawals of cryptocurrency to prove that the coins are accessible and not just <a href=\"https:\/\/www.investopedia.com\/terms\/f\/fractionalreservebanking.asp\">fractional like the fiat banking system<\/a>.<\/p>\n<p>Trace Mayer, one of the leaders in the movement is the host of the <a href=\"https:\/\/www.bitcoin.kn\/\">Bitcoin Knowledge Podcast<\/a> with degrees in law and accounting. <a href=\"https:\/\/www.proofofkeys.com\/\">According to him<\/a>:<\/p>\n<blockquote><p>\u201cAnyone who wants you <em>not<\/em> to hold your own private keys or <em>not<\/em> do your own network consensus, they\u2019re your monetary enemy. They do not want you to be free and independent with your money.\u201d [emphasis added]<\/p><\/blockquote>\n<p><a href=\"https:\/\/cryptoslate.com\/people\/andreas-antonopoulos\/\">Andreas Antonopoulos<\/a>, the author of <em>Mastering Bitcoin<\/em> and vocal digital currency advocate iterated the anthem. \u201cNot your keys, not your bitcoin,\u201d he <a href=\"https:\/\/twitter.com\/aantonop\/status\/661607530896842752\">stated over Twitter<\/a>. He also adheres to the idea of regularly withdrawing currency to a hardware wallet that the user has physical control over.<\/p>\n<p>As asserted by Mayer, if people don\u2019t hold their keys and perform their own network consensus, then \u201cif there\u2019s anything that history in this space has taught us, it\u2019s that they\u2019re going to get wrecked.\u201d<\/p>\n<p>The proof of keys movement seems to run at odds with what BitGo is trying to accomplish. With the additional layer of cold storage, it may be even harder to track and withdraw cryptocurrency funds.<\/p>\n<p>That in mind, it will be interesting to see how the cryptocurrency community and institutional investors respond to the service. Do institutional traders even care? To some, perhaps it's worth the tradeoff to delegate control over private keys to companies like BitGo and Genesis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are tradeoffs between centralization and convenience in cryptocurrency trading. BitGo has partnered with Genesis Global Trading Inc. to introduce a new method for exchanging funds offline that could offer greater flexibility and security, but it may come at the cost of custody. In partnership with @GenesisTrading, &quot;BitGo Inc.\u2019s customers will be able to buy [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":96881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,39,37,6849],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Custody or Convenience: BitGo Offers Cold Storage Cryptocurrency Trading<\/title>\n<meta name=\"description\" content=\"There are tradeoffs between centralization and convenience in cryptocurrency trading. 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