HTX, a prominent global cryptocurrency exchange, recently revealed its alliance with BitGo Singapore. This strategic partnership aims to facilitate off-exchange settlements via the Go Network. This innovative integration enables HTX’s clientele to trade without moving assets onto the exchange. Instead, the assets continue to be in BitGo Singapore’s custody.
This initiative is part of HTX’s broader plan to enhance its offerings for institutional users. In the first half of 2024, HTX Ventures funded 23 projects, including ventures in DeFi, infrastructure, Bitcoin, AI, and emerging fields like DePIN and SocialFi.
The Go Network is built to minimize operational and counterparty risks. Assets are kept in cold storage, staying under the regulatory supervision of the Monetary Authority of Singapore. BitGo Singapore holds a Major Payment Institution license and offers insurance coverage up to $250 million for custody assets. The client’s funds are maintained in separate accounts and are not connected to HTX’s balance sheet.
HTX asserts that the current setup allows clients to allocate capital to the trading platform while retaining control over their assets. This structure is set to provide enhanced flexibility and efficiency in fund utilization.
Post-trade operations are also part of the integration. Automated settlement workflows will be managed directly within BitGo’s custody framework. This approach aims to streamline processes and aid in meeting compliance standards.
In response to the growing institutional crypto demand, BitGo recently launched an institutional over-the-counter (OTC) crypto trading desk. The desk has been operational since early 2024, processing billions in volume and establishing a $150 million lending book. It provides 24/7 trading of over 250 digital assets, including spot and derivatives, as well as lending and yield products.
