Crypto Custody Company BitGo Adds OTC Trading Business and Considers IPO

Odaily reports that the cryptocurrency custody company BitGo Inc. has launched a global digital asset over-the-counter (OTC) trading business while planning to go public. This expansion comes as institutional investors (such as hedge funds) are seeing increased demand for cryptocurrencies. As one of the largest digital asset custodians in the US, BitGo primarily helps investors store their digital assets. According to sources, the company is considering an initial public offering (IPO) earlier this month. BitGo stated in a Tuesday announcement that its OTC trading division will provide spot trading, options trading, and lending services to institutional investors to facilitate margin trading. Since the beginning of last year, the company has started providing services to some clients, with trading volumes reaching billions of dollars and lending exceeding $100 million. Furthermore, this trading platform not only serves the US but also covers other jurisdictions, including Hong Kong and the Middle East.