28 Sep Bitfinex and Zodia Custody Combine to Improve Digital Asset Safety and Compliance for institutional prospects
ROAD TOWN, British Virgin Islands – September 28 2023 — Bitfinex, a state-of-the-art digital asset buying and selling platform, has introduced a strategic integration with Zodia Custody, a number one digital asset custodian backed by Normal Chartered, SBI Holdings, and Northern Belief.
The combination will permit Zodia Custody purchasers to commerce on Bitfinex whereas their property stay securely held by way of Interchange, Zodia Custody’s off-exchange settlement resolution. Shoppers holding accounts with each Zodia Custody and Bitfinex could have the power to reflect their custodied property on Bitfinex for buying and selling. When a Zodia Custody shopper needs to commerce, Zodia Custody will lock the designated property and notify Bitfinex. Following an approval course of, Bitfinex will mirror the property within the Bitfinex account of the shopper, which can allow the shopper to commerce these property, even whereas they continue to be held in custody by way of Interchange. A periodic settlement will happen the place the web buying and selling exercise will likely be securely settled on-chain between Zodia Custody and Bitfinex.
The settlement with Zodia Custody, which is registered within the UK with the Monetary Conduct Authority as a digital asset enterprise below the Cash Laundering, Terrorist Financing, and Switch of Funds Laws, is the newest tie up that Bitfinex has agreed with a big custodian.
One of many key advantages of this integration is the separation of buying and selling actions from custodial operations. This separation enhances safety and strengthens the market construction for the long run.
“We imagine in fostering a collaborative atmosphere to drive innovation and greatest follow within the digital asset sector,” stated Paolo Ardoino, CTO of Bitfinex. “We’re dedicated to shaping the way forward for digital market infrastructure and enabling institutional prospects to thrive on this area. Working with Zodia Custody is a big a part of that technique, and collectively we are able to look to allow much more establishments to enter or additional take part in digital property.”
“Interchange has been designed from the bottom as much as present a greater, extra strong, method to custody when buying and selling by exchanges — that is custody, with out compromise.” stated Julian Sawyer, at Zodia Custody. “For traders within the digital asset area right now, this isn’t a ‘good to have’ however an absolute requirement. This collaboration not solely underscores our dedication to delivering safe and compliant options but additionally highlights the maturation of the digital market infrastructure.”
Cryptocurrency exchanges bear an important accountability in safeguarding prospects, adhering to laws and making use of strong compliance controls. Bitfinex’s collaboration with a trusted custodian like Zodia Custody highlights the trade’s precedence in collaborating with corporations which have a compliance-first method.
To be taught extra about Bitfinex please go to https://www.bitfinex.com/.
About Bitfinex
Based in 2012, Bitfinex is a digital token buying and selling platform providing state-of-the-art providers for merchants and world liquidity suppliers. Along with a set of superior buying and selling options and charting instruments, Bitfinex supplies entry to peer-to-peer financing, an OTC market and margin buying and selling for a wide array of digital tokens. Bitfinex’s technique focuses on offering
unparalleled help, instruments, and innovation for knowledgeable merchants and liquidity suppliers world wide.
About Zodia Custody
Zodia Custody is the main institution-first digital asset custodian by Normal Chartered, in affiliation with Northern Belief and SBI Holdings. It permits institutional traders across the globe to grasp the complete potential of the digital asset future – merely, safely, and with out compromise. By means of the mixture of main know-how, custody, governance and compliance, Zodia Custody satisfies the advanced wants of institutional traders.
Zodia Custody implements the necessities of the 5AMLD and applies the identical requirements as Normal Chartered regarding AML, FCC, and KYC. It implements the necessities of the FATF Journey Rule. Zodia Custody Restricted is registered within the UK with the FCA as a crypto asset enterprise below the Cash Laundering, Terrorist Financing and Switch of Funds Laws 2017. Zodia Custody (Eire) Restricted is registered with the Central Financial institution of Eire as a VASP below Prison Justice (Cash Laundering and Terrorist Financing) Act 2010 (as amended). Zodia Custody (Eire) Restricted was established in Eire in August 2021. Zodia Custody Restricted is registered with the CSSF in Luxembourg as a Digital Asset Service Supplier in accordance with article 7-1 (2) of the legislation dated 12 November 2004 on the battle towards cash laundering and terrorist financing, as amended.
