Blockchain security firm and wallet service BitGo has provided a newly launched digital asset trading platform, LGO Markets, with its custody and multi-signature wallets, according to a press release published Tuesday, April 9.
LGO Markets, which is focused on institutional investors, will offer BitGo services for hedge funds, family offices and asset managers that are working with BitGo.
Moreover, the clients of LGO Markets will be able to store their digital assets in BitGo Trust Company, regulated by the Division of Banking in the United States state of South Dakota.
As per the announcement, BitGo will also support the company’s Ethereum (ETH)-based native token LGO Exchange (LGO), which surged 18 percent in price in the recent hours, according to CoinMarketCap.
Mike Belshe, CEO of BitGo, believes that the new partnership will contribute to creating a more decentralized market, where exchanges do not act as their own custodians. Moreover, he thinks that the solution will allow investors to trade more securely.
As reported earlier today, a new report from weekly crypto outlet Diar shows that the trading of institutional Bitcoin (BTC) investment products has seen growth for the fourth month running.
These findings coincide with an earlier document by digital asset management fund Grayscale Investments, showing that institutional investors provide around 66% of capital inflow in the crypto industry.
In other custody news, in late March, French hardware wallet producer Ledger partnered with Hong Kong trust company Legacy Trust to offer cryptocurrency custody services to its institutional clients. The new offering will be based on Ledger Vault, Ledger’s institutional wallet manager.