BitBeat: Bitcoin Finds Willing Buyers, Even With Prices Plunging

Despite bitcoin’s relentless price plummet, startups in the cryptocurrency trading world continue to say that high-net-worth individuals and financial professionals are itching to trade it but can’t do so because current infrastructure doesn’t allow them to accumulate large exposures.
Now, a digital currency-focused investment management company claims to have resolved one element of the problem – the security issue, allowing family investment offices and others managing wealthy people’s money to take direct ownership of bitcoin. On Monday, Binary Financial unveiled BTC-01, a new product with wallet security firm BitGo, which uses a ‘multi-signature’ system to give people secure direct control over their digital asset portfolio.
Binary Financial managing partner Harry Yeh says the need for this solution became apparent when his firm received large-scale orders from wealthy individuals such as hedge fund managers during the massive price rally of November last year but was unable to execute them. There were two reasons for that failure, he said: ‘there was no easy way to get access to bitcoin and there was counterparty risk, which meant if there was a volatility spike there was no easy way to get out.’