Settlements Overview

Overview

Settlements on the Go Network enable you to settle multi-asset trades between Go Accounts, off chain. Assets never leave BitGo cold storage, minimizing counterparty risk, and because settlements are off chain, they're quicker and less expensive than on-chain transactions.

Note: Ticker symbols of assets in Go Accounts use a different naming convention than the ticker symbols used in on-chain wallets. Assets in Go Accounts prepend ofc to the ticker symbol, indicating that the asset is off chain. For example, testnet bitcoin within a Go Account is ofctbc, whereas in other on-chain wallet types it's tbtc.

Prerequisites

• Get Started
• Fund Go Account
• Connect Go Accounts

Steps

The settlement flow depends on who initiates the settlement:

• Create Settlements to initiate the settlement process with your counterparty.
• Approve Settlements or Reject Settlements to finalize a settlement initiated by your counterparty.

See Also

Address Book