matthew ballensweig Joins BitGo to Spearhead Go Network Institutional Trading Platform

BitGo, a leading digital asset custodian, has appointed matthew ballensweig as the head of its newly launched Go Network. Ballensweig, who previously served as managing director and co-head of trading and lending at Genesis, brings significant institutional expertise to the role during a pivotal moment for crypto market infrastructure.

The appointment marks another chapter in the industry’s evolution following the turbulent period of 2022-2023, when major crypto platforms including Three Arrows Capital and FTX collapsed. Genesis, where Ballensweig built his reputation, faced bankruptcy in January 2023 after a cascade of client withdrawals and market pressures. Like many Genesis executives, including former CEO Michael Moro, Ballensweig later charted a new course toward building solutions for the institutional sector.

Bridging the Infrastructure Gap After Silvergate’s Collapse

Go Network represents a response to a critical market need. Following the shutdown of Silvergate Bank’s settlement infrastructure, institutional investors and hedge funds have lacked a unified, secure way to execute trades across multiple venues. The platform enables institutions to access trading liquidity at various exchanges—currently including Bitstamp, Gate.io, INX, and Enclave Markets—without requiring assets to leave regulated custodial protection.

According to ballensweig, who is overseeing the expansion strategy, dozens more exchanges, market makers, and hedge funds are in active discussions about joining the network. The Go Network also features instant USD-to-crypto settlement capabilities, addressing the operational challenge where one party traditionally had to front capital before transaction completion.

Rethinking Custody for Institutional Scale

During an interview with CoinDesk, ballensweig outlined his vision for the next phase of institutional crypto adoption. “This era requires a tech-focused approach from the ground up,” he explained. “You cannot simply deploy capital and expect results—the infrastructure itself must be purpose-built.”

His philosophy centers on the separation of custody, trading, and settlement functions. This architectural design mirrors BitGo CEO Mike Belshe’s strategic vision for Go Network, a platform engineered specifically to address institutional requirements rather than retrofit existing solutions. The approach reflects lessons learned from previous market cycles, where infrastructure shortcomings created systemic vulnerabilities.

Institutional Adoption Through Systematic Design

The Go Network platform signals growing confidence among institutional players in regulated crypto infrastructure. By maintaining asset custody while enabling frictionless trading access, the network reduces counterparty risk and regulatory complexity—two primary concerns preventing mainstream institutional participation.

matthew ballensweig’s transition from Genesis to BitGo exemplifies the sector’s ability to retain experienced talent and channel it toward solving structural problems. His involvement in onboarding new participants suggests accelerating adoption curves as market participants recognize the platform’s utility. The network’s current participants—a mix of tier-one exchanges and emerging market makers—demonstrate broad-based support for the institutional infrastructure paradigm shift.

The Go Network launch follows years of advocacy for custody-separated trading models, finally materializing as the institutional crypto market matures and demands sophisticated, compliant trading solutions.