Crypto Custody Firm BitGo Hires Ex-Genesis Exec Matthew Ballensweig to Lead Go Network

, with dozens more exchanges, market makers and hedge funds in talks to join, said Ballensweig, who is managing the onboarding of firms.

The network also offers instant USD to crypto settlement where assets are exchanged without one party having to go first. Given the loss of networks such as the settlement system built by Silvergate Bank, Go provides the “bone-structure” for the next generation of institutional crypto trading, Ballensweig said.

“This next era of institutional adoption has to be done via a tech-focused mindset first; you can't just throw a balance sheet at it,” Ballensweig said in an interview with CoinDesk. “When I heard [BitGo CEO] Mike Belshe’s vision for this, it was precisely how I would have designed this next institutional trading phase, with the separation of custody and trading and settlement.”

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