Bitcoin wallet and security provider BitGo has forged another partnership in the bitcoin trading arena, its multisignature technology to be used by Genesis Trading.
BitGo is a pioneer in the realm of multi-signature security, having launched its enterprise-targeted wallet offerings last year. Only a few days ago, it partnered with TradeBlock, a bitcoin data and trading portal, to integrate its platform. The latest deal is a significant achievement for BitGo, whose clients already include leading bitcoin exchanges.
Genesis Trading recently rebranded from SecondMarket Inc, the broker-dealer division of Barry Silbert’s Digital Currency Group. As part of its rebranding, it is focusing specifically on bitcoin trading. It is reportedly the first such broker-dealer in the US to be regulated by FINRA and the SEC.
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Similar to the TradeBlock deal, BitGo’s multisig wallet services would integrate directly with Genesis’s platform, as opposed to having to manually transfer bitcoins to trading accounts. Enterprise-grade functionality would include strong authentication, real-time transaction monitoring and key signing policies. Said Brendan M. O’Connor, CEO of Genesis Trading:
“Genesis Trading’s focus on large transactions enhances the need for robust security procedures. However, our clients require the ability to execute dynamic trading strategies, rapidly access liquidity, and efficiently and seamlessly purchase or sell large blocks of virtual currencies. BitGo’s trustless secure wallet model gives us impregnable security while also retaining the level of flexibility that our clients require.”
Genesis Trading has reportedly traded over $300 million worth of digital currency to date.