Crypto Exchange Kucoin now allows institutional clients to trade their wallets without having to raise funds in advance, recreating the trading experience that is recognised in the traditional world of finance (Tradfi).
Seychelles-based Exchange is working with Bitgo Singapore to use Crypto Custodian’s GO network for non-exchange settlements (OES), Kucoin said.
“Kucoin’s complete products (spots, margins, options, permanent futures) can now be accessed through the Go network, ensuring that the assets remain protected,” it said in an announcement Thursday.
Crypto companies are facing the need to implement tools familiar to Tradfi as they seek to gain an increase in the adoption of cryptocurrency agencies. In this case, the assets of the institutional client remain in BITGO Singapore custody, following a model that separates custody and execution to mitigate systemic risk from counterparties.
For some, what Kucoin aims to offer has echoes for Silvergate Bank’s now deprecated Exchange Network (SEN) platform. The bank entered into liquidation in March 2023 during the winter of crypto constructed throughout 2022, and stopped service just before it came to mind in November with the collapse of FTX.
