BitGo has hired Matthew Ballensweig to head Go Network, which aims to build a comprehensive platform for handling crypto and USD transactions.
Matthew Ballensweig was previously the Managing Director and Co-President of Commerce and Lending at Genesis. Ballensweig, hired by the firm to lead BitGo’s Go Network, will provide a platform to various market participants to reach consensus on cryptocurrencies and dollars.
BitgGo recruits former Genesis manager
Matthew Ballensweig has been joined by BitGo to lead the Go Network. Ballensweig said last year’s market meltdown illustrates the weakness of the crypto trading and lending infrastructure that is tearing apart traditional finance in bits and pieces. Unlike traditional finance, market participants had difficulties in understanding risk and health controls due to the lack of real-time information in crypto trading and lending.
In his new role, Ballensweig will work to create a wall-garden ecosystem of various market participants while holding assets in BitGo’s qualified guardian. This ecosystem will have a structure similar to Silvergate’s SEN network, which allows settlement between crypto exchanges in the market. The network will also allow lenders to stay within the system and provide capital to counterparties.
This new initiative is an important step towards BitGo’s goal of creating a more comprehensive platform in the crypto financial services space, and Matthew Ballensweig’s experience and leadership is expected to play an important role in achieving this goal.
