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BitGo, a crypto custody provider, will be launching an institutional-level crypto lending service. According to a 5th March 2020 announcement, this new venture named “BitGo Prime LCC” will be incorporated as a separate legal entity.
BitGo Project’s Business Interests
BitGo’s head of financial Services, Nick Carmi gave more details on this venture. This crypto lending platform shall aim to provide services to the credit market in a similar manner as more traditional financial markets. He believes this new venture shall offer more conformity to BitGo’s sustainable business model.
According to him, BitGo’s interest involves the deviation from the high-volume, low margin business, to offer clients long-lasting relationships. In a brief to Cointelegraph, he explained that the firm has no intention of onboarding non-institutional traders since its focus is on the institutional markets.
Mr. Carmi pointed out that up to 15 different currencies are supported by the firm’s institutional lending service. The currencies are diverse, from cryptos like Bitcoin, Ethereum, and stablecoins to fiat currencies.
Some key features of the new BitGo lending platform include a customized detailed reporting availed to each client and loans with full collateral. This new platform is compatible with the regulated custodian BitGo Trust.
Wall Street investment specialists assembled a team to build the platform with a focus on institutional clients according to the announcement. BitGo’s CEO, Mike Belshe views the company’s lending service as linking up the best of Wall Street know-how with institutional investors and Silicon Valley’s technology and innovation.