September 28 Bitfinex and Zodia Custody Unite to Enhance Digital Asset Security and Compliance for Institutional Clients
From media materials
Road Town, British Virgin Islands – September 28, 2023 — Bitfinex, a cutting-edge digital asset trading platform, announced a strategic integration with Zodia Custody, a leading digital asset custodian backed by Standard Chartered, SBI Holdings and Northern Trust.
This integration will allow Zodia Custody customers to trade on Bitfinex while also safely storing their assets through Interchange, Zodia Custody’s over-the-counter payment solution. Customers who have accounts at both Zodia Custody and Bitfinex can mirror their assets held on Bitfinex for trading. When a Zodia Custody customer wishes to trade, Zodia Custody locks the designated asset and notifies Bitfinex. Subject to the approval process, Bitfinex will mirror the assets in a customer’s Bitfinex account, allowing the customer to trade those assets while they are held through Interchange. Net trading activity takes place between Zodia Custody and Bitfinex on a regular basis with secure settlement on-chain.
The agreement with Zodia Custody, registered as a digital asset business under the UK’s Financial Conduct Authority under money laundering, terrorist financing and fund transfer regulations, is the latest Bitfinex has signed with a large custodian. It is a partnership of
One of the key benefits of this integration is the separation of trading activities and custody operations. This separation increases security and strengthens market structure over the long term.
“We believe in creating a collaborative environment to drive innovation and best practice in the digital asset sector.” said Paolo Ardoino, CTO of Bitfinex. “We are committed to shaping the future of digital marketplace infrastructure and helping our institutional clients succeed in this space. “Working with Zodia Custody is an important part of that strategy, and together we can support more institutions to enter or further engage with digital assets.”
“Interchange was designed from the ground up to provide a better, more robust approach to custody when trading through an exchange. This is storage without compromise.” Julian Sawyer of Zodia Custody said: “For investors in today’s digital asset space, this is not a ‘nice-to-have’ but an absolute requirement. “This collaboration not only underlines our commitment to providing secure and compliant solutions, but also highlights the maturity of our digital marketplace infrastructure.”
Cryptocurrency exchanges have significant responsibilities in protecting their customers, ensuring regulatory compliance, and applying strong compliance controls. Bitfinex’s collaboration with trusted custodians like Zodia Custody highlights the exchange’s priority of working with companies that use a compliance-first approach.
To learn more about Bitfinex, visit https://www.bitfinex.com/.
Introduction to Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform that provides cutting-edge services to traders and global liquidity providers. In addition to a series of advanced trading features and charting tools, Bitfinex offers access to peer-to-peer finance, OTC markets, and margin trading for a variety of digital tokens. Bitfinex’s strategy is focused on delivery.
Unmatched support, tools and innovation for experienced traders and liquidity providers around the world.
Zodia Custody Introduction
Zodia Custody is a leading institutional-focused digital asset manager led by Standard Chartered in partnership with Northern Trust and SBI Holdings. This allows institutional investors around the world to realize the full potential of their digital asset future simply and securely, without compromise. Through a combination of leading technology, custody, governance and compliance, Zodia Custody meets the complex needs of institutional investors.
Zodia Custody implements the requirements of 5AMLD and applies the same standards as Standard Chartered with regard to AML, FCC and KYC. It implements the requirements of the FATF Travel Regulations. Zodia Custody Limited is registered in the UK with the Financial Conduct Authority as a crypto asset business under the Money Laundering, Terrorist Financing and Fund Transfers Regulations 2017. Zodia Custody (Ireland) Limited is registered with the Central Bank of Ireland as a VASP under the Criminal Justice Act. (Money Laundering and Terrorist Financing) Act 2010 (Amendment). Zodia Custody (Ireland) Limited was incorporated in Ireland in August 2021. Zodia Custody Limited is registered as a virtual asset service provider with the Luxembourg CSSF pursuant to Article 7-1 (2) of the Law of 12 November 2004. Revised Prohibition of Money Laundering and Terrorist Financing.