Bank AI

Enhance

Standard

Security

Giddy

Quick take: 
<ul> 
 <li>Bitfinex is tapping Zodia Custody’s interchange product to enhance the asset security of institutional clients.</li> 
 <li>The crypto exchange will allow clients to keep their assets in Zodia Custody while allowing mirrored access from its exchange platform.</li> 
 <li>Bitfinex is following a trend of crypto exchange companies that have sought to separate asset custody from trading.</li> 
</ul> 
Bitfinex has teamed up with digital asset custody services provider Zodia Custody to enhance the asset security of institutional clients. The crypto exchange company will leverage Zodia Custody’s interchange allowing clients mirrored access to their assets on the custody services provider from the exchange platform. 
Zodia Custody is a product of the UK’s Standard Chartered Bank. The crypto service is already used by some of the leading financial institutions including Germany’s DZ Bank AG, and Paris-based BNP Securities Services. 
Zodia’s Interchange allows users to store their crypto assets on its platform while maintaining mirrored access from a crypto exchange platform. The concept of separating crypto asset custody from trading has become a necessity following the collapse of one of the leading crypto exchange platforms FTX last year. 
More banks around the world are also looking to integrate crypto custody into their services, with another UK banking giant HSBC teaming up with Fireblocks, while BBVA Switzerland and BBVA NewGen are using Ripple’s Metaco. 
Bitfinex experienced one of the biggest crypto hacks in history in 2016, <a href="https://www.reuters.com/article/us-bitfinex-hacked-hongkong-idUSKCN10E0KP" target="_blank" rel="noreferrer noopener">losing 120,000 bitcoins</a>, approximately $3 billion in today’s BTC price ($72 million at the time) to hackers. The platform currently offers 175 coins and 460 trading pairs to traders and witnessed a transaction volume of $94.6 million in the last 24 hours. Bitfinex also boasts over $8.7 billion in Exchange Reserves according to CoinGecko. 
With more crypto companies looking to integrate non-custodial services, the industry is likely to become more attractive to corporations “due in part to the regulatory hurdles imposed when an organization is responsible for custodying customer funds,” Eric Parker, the co-founder and CEO of self-custody wallet, Giddy <a href="https://www.nftgators.com/self-custody-wallets-the-gateway-to-web3/">told NFTgators</a> in a comment earlier this month. 
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The post <a rel="nofollow" href="https://www.nftgators.com/bitfinex-taps-standard-chartered-banks-custody-service-to-enhance-asset-security/">Bitfinex Taps Standard Chartered Bank’s Custody Service to Enhance Asset Security</a> appeared first on <a rel="nofollow" href="https://www.nftgators.com">NFTgators </a>.

Bitfinex Taps Standard Chartered Bank’s Custody Service to Enhance Asset Security

NFTgators

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