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OTC infrastructure firm Finery Markets says OTC trading volume skyrocketed last year, driven by Donald Trump’s election win and demand for spot crypto ETFs.
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Crypto custody services firm BitGo has launched a global over-the-counter (OTC) trading desk for digital assets after it was reported to be gearing up for an initial public offering slated for later this year.
The OTC desk has dozens of liquidity sources, including exchanges, and also offers spot and derivatives trading across over 250 digital assets as well as lending services and yield-generating products, BitGo said in a Feb. 18 statement.
Institutional crypto OTC trading volumes skyrocketed 106% in 2024, mainly fueled by US President Donald Trump’s election win and demand for US spot crypto exchange-traded funds, according to OTC infrastructure firm Finery Markets.
BitGo’s managing director, Matt Ballensweig, said the desk “gives clients the ability to execute with a full-service desk across spot, derivatives, and lending, all while their assets stay protected in qualified custody until the time of settlement.”
Source: Matt Ballensweig
The platform also has a $250 million insurance coverage and offers venture capitalists and hedge funds the chance to buy and sell locked layer-1 tokens, according to BitGo.
Last December, BitGo announced it was launching a global version of its digital assets solutions for retail investors, similar to crypto exchange platforms, including trading, staking, and wallet services.
It comes after Bloomberg reported on Feb. 11 that BitGo was in talks with investment banks for a potential public launch in the second half of 2025. However, deliberations are reportedly ongoing, and no final decision has been made.
BitGo provides regulated crypto custody, lending and infrastructure services to US institutions and claims to have $100 billion in assets under custody.
Related: Regulated OTC desks could spur crypto adoption
It could join several other major crypto firms considering a foray into the public equity markets in 2025.
Crypto ETF issuer Bitwise predicted in December that at least five crypto unicorns would go public in 2025: stablecoin issuer Circle, crypto exchanges Kraken and Figure, plus crypto bank Anchorage Digital and blockchain analytics firm Chainalysis.
In 2021, Coinbase was the first major crypto firm to go public in the US, listing its shares on the Nasdaq.
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This article first appeared at Cointelegraph.com News
