Zodia Custody launches service to protect users’ crypto from exchange insolvency
cointelegraph.comCrypto asset provider Zodia Custody has launched a new service to help protect its clients from exchange insolvency.
According to the company, its new service, Interchange, will provide an alternative to the pre-funding and margin models of exchanges. The service is set to allow users to keep their assets with Zodia Custody while mirroring holdings in exchanges, thereby protecting clients’ digital assets in the event that an exchange becomes insolvent.
Based in London, Zodia Custody is backed by financial institutions Standard Chartered and Northern Trust.
Introducing our new service: Zodia Interchange in collaboration with @zodiamarkets. You can now actively trade on multiple exchanges directly from your #custody wallet. Minimum risk & full asset #segregation guaranteed❗️#SecureTradingLearn more: https://t.co/Y05hUeDVN2 pic.twitter.com/KlqAluR0LP
Zodia Custody’s Interchange service is currently live and seeks to provide transparency and control to exchanges without handing over ownership of underlying assets. The technology provides instant access to exchange trading balances and automates post-trade settlement. Zodia Custody’s sister company, Zodia Markets, will also leverage this new service.
Maxime de Guillebon, CEO of Zodia Custody, shared that the company’s principles “have always evolved around asset safety, segregation between custody and trading, and the effective management of counterparty risk.”
Related: Mazars says users' BTC reserves on Binance are fully collateralized
The launch of this new service comes a month after investors and exchange users lost billions of dollars in the collapse of FTX. The downfall of FTX has had a domino effect on the crypto ecosystem, with other companies within the space being
Read more on cointelegraph.com
