Institutional trading venue Spotex has integrated with digital asset custodian BitGo, with BitGo handling post-trade settlement between Spotex’s liquidity providers and clients, according to the firms.
The integration connects BitGo’s Go Network settlement and clearing service with Spotex’s electronic communication network. Eligible clients can use assets held in BitGo custody for trading on Spotex, while the assets remain with BitGo during the trade.
According to the firms, keeping assets in custody during trading is intended to reduce the need to pre-fund trading venues, improve capital efficiency and minimise counterparty risk. Spotex remains the execution venue and does not act as principal in transactions executed through its ECN.
BitGo is the first digital asset custodian to go live with Spotex. “Institutions want greater choice in execution without adding unnecessary complexity across custody, credit, and settlement,” said Adam Sporn, BitGo’s head of prime brokerage and US institutional sales.
