During the strategic partnership announcement with Cooper, BitGo shared its intention to reduce the “redundancy of exchanges” and isolate “regulated custody from the ability to continue accessing market liquidity.”
In an interview, BitGo’s managing director, Matt Ballensweig, stated that BitGo seeks to marry the “cold storage ability to manage those assets in a way that meets the needs of regulators but also allows those assets to stay connected to the marketplace.”
Among the exchanges available are ByBit, OKX, Bitfinex, and Bitstamp, according to a news statement on the launch.
Even though it has been a year since the bankruptcy notification on November 11th, certain institutions and even individual investors are still feeling the consequences of the FTX collapse, which alarmed both investors and institutions.
Ballensweig stated that BitGo, like many other cryptocurrency companies, wishes to stay away from another FTX. “We’re exchange agnostic,” he said. “We’re not partial to a certain exchange, whereas, if you’re trading directly on the exchange, or that exchange has its own custody, or the exchange has its own capital market services, then then you’re obviously subject to the risk of that platform.”