BitGo Announces New Settlement System for Institutional Clients

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Blockchain security company BitGo is launching a new service for institutional clients: a clearing and settlements system that operates off-chain.BitGo announced this new service in a press release on May 14, 2019, describing some of the features that this new system will have. Assets “never need to leave custody,” according to the announcement, and “counterparty risk is minimized” with BitGo acting as custodian for both sides of any deal.BitGo expects its in-house clearing and settlements service to make arranging such deals more convenient. For example, all funds up for negotiation will remain in cold storage until after an agreement is signed, so that the risks of fraud by either party or outside actors is minimized. Additionally, investors do not need to break up their balance sheets by parking assets at every exchange with which they wish to trade.This new service has evidently been in the works for quite some time.…

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