BitGo launches its institutional trading service BitGo Prime

BitGo, one of the largest crypto custodians, has launched its trading service as part of its plan to become a full-service prime broker. With the new offering, clients will be able to trade directly from their custodial accounts. This comes a few months after launching its institutional lending business.

Why it matters

• The recent push by a number of companies to capture institutional business has been marked by a series of high profile acquisitions. BitGo has acquired Harbor and Lumina, Genesis acquired Vo1t, and Coinbase has added Xapo and Tagomi which was announced today in their push to become a prime broker. As the market consolidates it will become increasingly competitive with each of these big-name players racing to serve institutional clients making their way into crypto.