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Spotex, the institutional trading venue for FX, precious metals and digital assets, has announced an integration with BitGo Holdings, Inc. (NYSE: BTGO), the digital asset infrastructure company, to give eligible institutional clients a more secure and capital-efficient route to institutional digital asset liquidity through the Spotex ECN, while keeping assets in regulated custody.
The integration links Spotex's institutional execution infrastructure with BitGo's Go Network settlement and clearing solution. Through Go Network, clients can allocate assets held in regulated BitGo custody for trading on Spotex, with the underlying assets remaining with BitGo throughout the trading lifecycle. The arrangement is designed to reduce the need to pre-fund trading venues, improve capital efficiency and help minimise counterparty risk.
Spotex operates solely as the execution venue and does not act as principal to transactions executed through its ECN. BitGo's applicable entities provide the client's custody, prime services and settlement arrangements under the relevant agreements, including acting as a clearing and settlement broker and facilitating post-trade settlement between client and liquidity providers.
For Spotex, the integration expands connectivity to BitGo's institutional ecosystem and strengthens its offering to brokers, hedge funds and asset managers seeking institutional-grade execution alongside regulated custody. For BitGo, the integration adds another source of liquidity to its growing network of partner venues. Clients can access Spotex through the same platform they use for regulated custody, trading, financing, collateral management and settlement, simplifying operations as they trade across an increasingly fragmented market.
BitGo is the first digital asset custodian to go live with Spotex as the venue expands its network of infrastructure providers available to its clients. The arrangement is non-exclusive, reflecting Spotex's technology and custodian-agnostic approach.
Joe Tuccio, Head of Digital Assets, Spotex
Joe Tuccio, Head of Digital Assets, Spotex said:
"Having BitGo, one of the world's largest specialist institutional custodians, as our first live digital asset custodian brings huge credibility to Spotex as we build out our digital asset offering and strengthen asset protection for our clients. BitGo serves institutional clients in more than 100 countries and shares our commitment to providing trusted, reliable, 24/7 institutional services.
"By combining BitGo's digital prime brokerage, custody and settlement capabilities with Spotex's institutional liquidity and execution infrastructure, we believe we can provide clients with a more secure and capital-efficient way to trade digital assets. The partnership creates significant opportunities for both firms as institutional participation in digital asset markets continues to grow."
Adam Sporn, Head of Prime Brokerage and U.S. Institutional Sales, BitGo
Adam Sporn, Head of Prime Brokerage and U.S. Institutional Sales, BitGo commented:
"We believe that institutions want greater choice in execution without adding unnecessary complexity across custody, credit and settlement. Spotex brings established electronic trading and connectivity across traditional and digital asset markets. Through this integration, eligible clients can access Spotex while keeping assets within regulated custody and maintaining the operational controls required for institutional trading."
The announcement follows Spotex's recent appointment of Joe Tuccio as Head of Digital Assets, with responsibility for accelerating the global growth of the company's institutional digital asset offering.
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