BitGo Holdings (BTGO) has launched BitGo Global Markets, a new institutional trading and financial-solutions business combining global liquidity, trade execution, financing, derivatives and settlement services. According to ChainCatcher, citing The Block, the division is led by former NYDIG executive Pete Janney, following BitGo’s August 27 acquisition of NYDIG’s institutional and trading businesses.
About 30 employees joined BitGo as part of the acquisition, bringing experience in derivatives, financing, collateral services and structured products. Janney initially joined BitGo as head of financial infrastructure. BitGo has offered institutional trading through BitGo Prime since 2020; that business is now part of Global Markets, alongside capabilities from NYDIG in derivatives, collateral management and structured financing.
BitGo’s Global Liquidity Layer will provide spot trading and large over-the-counter trading access, sourcing liquidity from exchanges, market makers and other counterparties. Clients can pledge crypto assets to borrow funds for trading positions, with BitGo providing qualified custody, margin monitoring and margin-call or liquidation handling. The division will also offer options, swaps and customized structured products to eligible counterparties, as well as managed investment strategies, private funds and research services. Go Network will handle clearing and settlement.
BitGo CEO Mike Belshe said Global Markets combines custody, liquidity, trading, financing and settlement capabilities with deeper capital-markets expertise. BTGO rose 3.4% in premarket trading Wednesday after gaining 3.7% the previous day.