Introducing the Go Network: BitGo's 24/7/365 Solution for Real-Time Settlement of USD and Digital Asset Transactions

2023-04-18 21:19:13
As the digital asset space continues to grow, so does the need for reliable, secure, 24/7 settlement solutions for USD and digital assets. BitGo has been the driving force behind innovative and compliant solutions that enable efficient, secure and real-time trading, custody and settlement of digital assets. Today, we are pleased to announce the launch of the Go Network, an all-in-one settlement network that combines USD and digital asset settlement between customers with the most efficient foreign exchange settlement capabilities.

Digital asset trading runs 24/7 and lacks a standard market structure to hedge against counterparty risk in settlements. In recent months, the digital asset industry has faced a series of challenges. It started with the failure of exchanges and banks, to the lack of a reliable solution for holding dollars now, and the need to reduce counterparty risk when trading on exchanges.
In the current environment, companies using cryptocurrencies are struggling to find a reliable solution to settle transactions in U.S. dollars. Additionally, with the failure of various cryptocurrency exchanges, it has become clear that relying on exchange custody when trading is by itself too risky.
Ultimately, these challenges boil down to insufficient settlement processes currently available in the industry. Even for those customers who have access to U.S. banking services, the movement of dollars is notoriously inefficient. Relying on FedWire and running on a 24/7 basis, current industry settlement solutions simply cannot keep up with the speed and constant global flow of digital asset transactions.