Trading Now Easier After BitGo Crypto Custodian Allows Fiat Enabled Transactions
The availability of fiat is essential for trading digital currencies because clients are able to maximize market opportunities. As such a California based blockchain Security Company, BitGo has announced that clients transacting on their platform can now make fiat deposits.
As custodians for blockchain assets and bitcoin, BitGo has provided an opportunity for clients to access BitGo Trust account, where they can directly trade their digital currencies. Currently, there are a few trading platforms that provide clients with the ability to trade crypto with fiat currency. This move will give the traders freedom to regulate their own transactions.
For instance, clients will no longer experience delays while wire transfers are being executed. They also won’t have to make bitcoin transfers between a trading account and cold storage.
The launch of trading integration platform was a way to introduce custody for fiat. Through this platform that has an established network of trading partners; clients are able to access deep liquidity.
Not so long ago, the firm announced Genesis Global Trading as their first trading partner and more are to be expected in the near future.
How Clients Will Benefit
Some liquidity providers aren’t certified to hold digital or fiat currencies and thus do not have accounts. As such, the traders are required to remit funds each time they want to complete a buy order. The procedure is cumbersome and requires a lot of time to complete a single transaction. The clients have to depend highly on external parties to effect wire transfers and asset transfers between accounts. Such delays in getting coins can lead to price fluctuations in the market.
However, by allowing fiat deposits, BitGo’s clients can now easily access fiat currency and the trade settlement time will be greatly reduced.
Every cash deposit is completed through a wire transfer and acceptable only in US Dollars. Upon receiving the transfer, it is then validated and the cash balance is posted in the USD wallet.
The wallet is available in the BitGo App. It is high security and multi-signature wallet that safeguards client’s digital assets from loss and theft. The application is also easy to use and provides advanced features such as multi-user access and spending limits.
Clients will be prompted to fill in their bank wiring details in the BitGo Application (API). The details are valuable for AML and KYC (Know-Your-Customer) purposes that will enable BitGo Trust to activate the transfer link when it is received.
Crypto exchanges are always doing their best to cater to consumers worldwide. Buying bitcoin remains a challenge although the process can be made user-friendly by enabling support for fiat currencies.
BitGo, the modern custody for modern assets saw it fit to enable fiat currency funding alternatives for wire transfers. The introduction of a suitable and safe fiat deposit service will make it easier for clients to transact without hustle.
It will also ensure that those who are new to digital currency investment have a great experience and elevate the firm to greater heights in the future.