BitGo has hired Matthew Ballensweig to lead its Go Network and establish a comprehensive platform for settling crypto and USD transactions.
BitGo has hired Matthew Ballensweig to lead its Go Network, aiming to establish a comprehensive platform for settling crypto and USD transactions.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.BitGo, a crypto financial services firm, has made a fresh hire to build out a new business that it hopes will place it directly at the center of the industry's nascent capital markets.
In an interview with The Block, Ballensweig said that last year's meltdown illustrated the weakness of crypto's trading and lending infrastructure which piecemealed bits and pieces of traditional finance — such as due diligence calls to understand how counter-parties were deploying risk, health checks and risk assessments — but lacked real-time information about market participants.
In his new seat at BitGo, Ballensweig is vying to build a wall-garden ecosystem of market participants where they can trade across various venues all while keeping their assets within BitGo's qualified custodian. In a sense, it will resemble defunct bank Silvergate's SEN network which allowed for settlement between crypto exchanges across the market. The network will also allow lenders to extend capital to counter-parties knowing that it will stay within the walls of the system.
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