Friday, March 5, 2021
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
DopeyTimes | All CBD and cannabis, all the time.
  • Home
  • Breaking
  • featured
  • Tech
  • Cannabis
  • Health
  • Reviews
  • Research
  • Podcast
  • Services
    • Newsroom
    • Investor Awareness
No Result
View All Result
DopeyTimes | All CBD and cannabis, all the time.
Home Blockchain

Hong Kong’s Amber Group Picks BitGo Trust in Quest for Institutional Investors

DopeyTimes by DopeyTimes
November 10, 2020
in Blockchain
0
Hong Kong’s Amber Group Picks BitGo Trust in Quest for Institutional Investors
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter


Crypto market maker Amber Group will service its clientele of institutional traders with the help of BitGo Trust, the custodial arm of the Palo Alto-based security firm.

Related posts

Advisers Allocating Crypto in Clients’ Portfolios Rose 49% Last Year: Survey

Advisers Allocating Crypto in Clients’ Portfolios Rose 49% Last Year: Survey

January 15, 2021
Grayscale’s Crypto Products Raised Over $3B Last Quarter, the Most Ever

Grayscale’s Crypto Products Raised Over $3B Last Quarter, the Most Ever

January 14, 2021

BitGo’s status as a qualified custodian should draw more high-net-worth investors to Amber from places like Hong Kong, Taiwan and Seoul, the companies said.

The Hong Kong-based market maker, which has an average daily trading volume between $100 million and $200 million, is building on its existing business relationship with BitGo. (Amber Group’s suite of offerings, which includes Amber Pro and Amber App, have used BitGo security tech since 2018.)

Back in February, Amber closed a $28 million funding round led by Paradigm and Pantera Capital and including Coinbase Ventures. BitGo Trust clients include Pantera, Bitstamp, Nexo, CoinJar and others.

Read more: Crypto Finance Startup Amber Raises $28M in Series A Led by Pantera, Paradigm

Amber’s decision was partly swayed by BitGo’s $100 million in Lloyd’s of London–backed cold storage insurance cover, said BitGo’s Nick Carmi.

“The insurance that comes with our trust custody just adds another component of security and trust for the clients – and that’s why they are with us,” Carmi, the custodian’s head of financial services, said in an interview.

Asked for his reasoning on the broadening of the firm’s custody partnerships, Amber Group CEO Michael Wu said via email that it came down to the custodian’s “track record, shared insurance scheme and integration with [the BitGo] lending desk.”

Nimble storage?

Some custodians claim that deep cold storage, which involves some degree of manual processing to get the funds online, is not suitable for the sort of fast turnaround professional trading operations require. 

BitGo’s Carmi said the inventory immediately needed for market making and high-frequency trading can be held in hot wallets, or those connected to the internet. “Whatever they are not using stays in cold storage,” he added.

Wu could not comment on the exact breakdown of funds that sit in Amber’s cold wallets at any one time. 

“The majority of funds are always being utilized and moved around for various trading, lending and other activities,” said Wu. “Our engagements with new custody partners are driven by business demand as the firm continues to grow.”

Read more: Record $616M of Wrapped Bitcoin Minted in September

Amber has also been getting a taste of BitGo’s wrapped bitcoin (WBTC), a tokenized version of bitcoin (BTC) primed for easy usage on Ethereum’s various decentralized finance (DeFi) apps.

BitGo’s Carmi said WBTC naturally flows into the institutional custody business as savvy investors hunt for yield. 

“We are the sole custodians and the only counterparty that can mint WBTC,” he said, “and BitGo Trust is the custodian of the BTC that’s being held for minting.”

Wu could not comment on the volume of WBTC Amber is trading. “We only began trading WBTC recently, primarily as a result of DeFi opportunities,” he said.



Source link

Previous Post

COVID-19 impact on Global Cannabis Testing Market 2020 By Segment Forecasts 2025

Next Post

Pot Might Impair a Woman's Fertility: Study - Consumer Health News

Next Post
Pot Might Impair a Woman’s Fertility: Study – Consumer Health News

Pot Might Impair a Woman's Fertility: Study - Consumer Health News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Avengers: Endgame review: Three-hour Marvel thrill ride tops Infinity War

Avengers: Endgame review — Three-hour Marvel thrill ride tops Infinity War

2 years ago
Prosecutors File Formal Complaint Against Infamous BTC-e Crypto Exchange

Prosecutors File Formal Complaint Against Infamous BTC-e Crypto Exchange

2 years ago
Disney closes Fox takeover, forging a Hollywood monster to take on Netflix

Disney closes Fox takeover, forging a Hollywood monster to take on Netflix

2 years ago
Netflix in August 2019: Every new movie and show coming out this month

Netflix in August 2019: Every new movie and show coming out this month

2 years ago

BROWSE BY CATEGORIES

  • Blockchain
  • Breaking
  • Cannabis
  • Energy
  • featured
  • Health
  • Podcast
  • Research
  • Reviews
  • Tech

POPULAR NEWS

  • Advisers Allocating Crypto in Clients’ Portfolios Rose 49% Last Year: Survey

    Advisers Allocating Crypto in Clients’ Portfolios Rose 49% Last Year: Survey

    0 shares
    Share 0 Tweet 0
DopeyTimes | All CBD and cannabis, all the time.

DopeyTimes is an online news portal which aims to share latest trendy CBD news around the world.

Follow us on social media:

Recent News

  • Advisers Allocating Crypto in Clients’ Portfolios Rose 49% Last Year: Survey
  • Thai hospital rolls out cannabis-laced menu
  • Ehave magic mushroom company to enter Jamaica – Taps Croskery as director of subsidiary, Kaya as wellness adviser and partner | Business

Category

  • Blockchain
  • Breaking
  • Cannabis
  • Energy
  • featured
  • Health
  • Podcast
  • Research
  • Reviews
  • Tech

Recent News

Advisers Allocating Crypto in Clients’ Portfolios Rose 49% Last Year: Survey

Advisers Allocating Crypto in Clients’ Portfolios Rose 49% Last Year: Survey

January 15, 2021
Thai hospital rolls out cannabis-laced menu

Thai hospital rolls out cannabis-laced menu

January 15, 2021
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer

© 2021 DopeyTimes - All about News and More!

No Result
View All Result
  • Home
  • Breaking
  • featured
  • Tech
  • Cannabis
  • Health
  • Reviews
  • Research
  • Podcast
  • Services
    • Newsroom
    • Investor Awareness

© 2021 DopeyTimes - All about News and More!