Crypto Exchange Kucoin is now allowing institutional clients to trade without having to prefer wallets, recreating a commercial experience that would recognize the world of traditional finance (tradfi).
The Seychelles headquarters was associated with Bitgo Singapore and will use the Crypto custody network for liquidation outside the exchange (OES), Kucoin said.
“The complete set of Kucoin (spot, margin, options and perpetual futures) can now be accessed through the Go network, ensuring that assets remain protected,” the exchange in Thursday’s announcement said.
As cryptographic companies seek to take advantage of the increase in cryptographic institutional adoption, they face having to introduce tools that are familiar in tradfi. In this case, institutional clients’ assets remain in the storage of Bitgo Singapore, following the model of separating custody and execution to mitigate the risk of counterpart and systemic.
For some, what Kucoin aims to offer has an echo of the now missing Silvergate Bank exchange network (SEN), which helped institutions transfer the funds to exchanges. The bank suspended the service in March 2023 shortly before entering the liquidation during the cryptographic winter that had been built for 2022 and reached a critical point with the collapse of FTX in the previous November.
