BitGo Bolsters Institutional Trading Capabilities with NYDIG Acquisition
BitGo has made a significant move in the cryptocurrency space by acquiring NYDIG's institutional trading business. This acquisition adds derivatives, structured products, and financing capabilities to BitGo's existing custody, trading, settlement, and wallet infrastructure.
The deal brings around 30 NYDIG employees on board, along with their client relationships. BitGo expects this expanded stack to enhance its institutional markets platform, particularly in financing and derivatives, and increase asset stickiness on the platform.
BitGo CEO Mike Belshe stated that institutions increasingly want a trusted partner for the full lifecycle of digital assets, from custody and trading to financing and settlement. The acquisition will 'meaningfully scale our trading and infrastructure capabilities,' according to Belshe.