Spotex Connects to BitGo for Crypto Trading, Custody Connection

ECN Spotex has connected to crypto infrastructure provider BitGo to provide eligible clients with access to digital asset liquidity through the platform, while keeping assets in regulated custody.

The agreement, the first by Spotex, is non-exclusive, allowing the ECN to add other custody and PB solutions later on. It connects Spotex’s institutional execution infrastructure with BitGo’s Go Network settlement and clearing solution, through which, clients can allocate assets held in regulated BitGo custody for trading on Spotex while the underlying assets remain with BitGo throughout the trading lifecycle. The firms say this 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.

“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,” says Joe Tuccio, head of 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 US institutional sales at BitGo, adds, “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.”