BitGo launches global OTC trading desk amid institutional demand

Crypto custody firm BitGo has announced the launch of a global over-the-counter crypto trading desk that will feature spot and derivatives trading, among other products.

BitGo’s OTC trading desk will provide an environment where institutional investors can trade spot and options, as well as access lending, yield generation, and custody services. The firm will offer more than 250 assets.

The U.S.-based crypto custody provider revealed in a blog post that the OTC desk launches after operating in stealth mode since early 2024. During this period, the platform recorded billions in trading volume and a lending book that surpassed $150 million.

With institutional demand rising, BitGo plans to offer its OTC desk’s services and products to clients worldwide. The desk will be available to customers in all major time zones.

Matt Ballensweig, a former Genesis and Bridgewater executive, and Stefan Von Haenisch, previously at OSL Group, lead the desk, the company said.

“Having seen many market cycles and understanding what works and what doesn’t, we’ve been quietly building a proper institutional crypto trading desk and now we’re confident we offer what other brokers can’t,” Ballensweig, managing director and head of trading, noted.

BitGo’s OTC trading desk launches amid reports that the company is eyeing an initial public offering.

The company, founded in 2013, has expanded its digital asset custody service to over 2,000 institutional clients. Its services are available in 90 countries. In December 2024, the company unveiled a new retail-focused platform.