1 year ago
Cryptocurrency custody specializer BitGo has hired Matthew Ballensweig, the erstwhile managing manager of Genesis who stepped down successful September of past year amid a cascade of collapsing crypto firms.
Ballensweig, who was besides co-head of trading and lending astatine Genesis, volition caput up BitGo's recently launched Go Network, designed to let hedge funds and different institutions to entree trading liquidity astatine assorted exchanges without their assets ever leaving regulated custody.
Genesis saw an exodus of staff, including the firm’s CEO Michael Moro, successful the aftermath of crypto blow-ups past twelvemonth of firms specified arsenic Three Arrows Capital and FTX. Genesis aboriginal filed for bankruptcy protection successful January 2023. (Genesis is owned by Digital Currency Group, which is besides the proprietor of CoinDesk.)
The Go Network, which went unrecorded earlier this year, truthful acold includes trading venues Bitstamp, Gate.io, INX and Enclave Markets, with dozens much exchanges, marketplace makers and hedge funds successful talks to join, said Ballensweig, who is managing the onboarding of firms.
The web besides offers instant USD to crypto colony wherever assets are exchanged without 1 enactment having to spell first. Given the nonaccomplishment of networks specified arsenic the colony strategy built by Silvergate Bank, Go provides the “bone-structure” for the adjacent procreation of organization crypto trading, Ballensweig said.
“This adjacent epoch of organization adoption has to beryllium done via a tech-focused mindset first; you can't conscionable propulsion a equilibrium expanse astatine it,” Ballensweig said successful an interrogation with CoinDesk. “When I heard [BitGo CEO] Mike Belshe’s imaginativeness for this, it was precisely however I would person designed this adjacent organization trading phase, with the separation of custody and trading and settlement.”
Edited by Nelson Wang.
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