Crypto Exchanges
By Steven Anderson
1 / 15
What happened. BitGo just closed a deal to buy NYDIG's institutional trading business.
2 / 15
The historical context. BitGo built its name as a custodian. Security, cold storage, multi-signature wallets — that's been…
3 / 15
Why it matters. For hedge funds and asset managers, the appeal of a single provider handling custody, derivatives,…
4 / 15
What to watch. A few things are worth tracking as this plays out.
5 / 15
BitGo just closed a deal to buy NYDIG's institutional trading business. Around 30 employees are coming over, along with NYDIG's work in derivatives, structured products, and…
6 / 15
NYDIG, for its part, is pivoting hard toward power generation and Bitcoin mining. It's not a small bet.
7 / 15
There's a precedent worth knowing here. Back in 2020, Coinbase bought Tagomi, a firm that specialized in sophisticated trading tools for institutional investors.
8 / 15
And it's not just crypto firms doing this. Traditional financial giants have spent years weaving digital assets into their service offerings, responding to what institutional…
9 / 15
BitGo is clearly betting it can be that someone.
10 / 15
Related: Paraguay Faces Energy Crisis as Bitcoin Mining Consumes 30% of Power Supply
11 / 15
For hedge funds and asset managers, the appeal of a single provider handling custody, derivatives, structured products, and financing is real.
12 / 15
NYDIG's move is interesting in a different way. Selling the trading business isn't a retreat, exactly.
13 / 15
There's a broader pattern here too. Crypto companies are specializing more than they used to.
14 / 15
Related: Metaplanet CEO Declares Bitcoins Moment in Asia, Targeting $14 Trillion in Japanese Savings
15 / 15
First, how smoothly those 30 NYDIG employees actually land at BitGo. Integrations are hard. Trading culture and custody culture don't always mix, and it's genuinely unclear how…
The Currency Analytics
Want the full story?