SettleBit introduction
Digital asset trading infrastructure provider SettleBit used a first-of-its-kind settlement layer service to transfer $100,000 worth of bitcoin cold stored in BitGo from Prycto Digital to CMT Digital in about 10 minutes. According to Leor Tasman, CEO of SettleBit, SettleBit is the first settlement layer integrated directly into custody services, allowing institutional clients to trade cryptocurrencies without any settlement risk. They partnered with BitGo, a cryptocurrency custody service, to allow institutional users to trade crypto assets directly using their BitGo accounts. BitGo integrates SettleBit's settlement platform through API, ensuring that funds are traded through its escrow account in the case of safe cold storage.