Institutional crypto exchange LGO has joined up with transaction platform Fireblocks to speed up deposit times and enhance clients’ trading experience.
- LGO announced Tuesday it had joined Fireblocks' Deposit Acceleration Program.
- Crypto exchanges have to load digital assets onto the platform before they begin trading: a process that can take anywhere between 10 minutes to 24 hours to complete, depending on network congestion and how quickly miners confirm transactions.
- This has a clear opportunity cost as traders can't exploit fleeting arbitrage chances or liquidity margins.
- As the name suggests, Fireblocks' Deposit Acceleration Program speeds up the process, allowing exchanges to load assets onto their platforms in real time.
- LGO CEO and co-founder Hugo Renaudin said the program was a way for institutional clients to better position their trading capital efficiently and securely.
- Crypto derivatives exchange FTX joined the program as soon as it launched last month.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.