September 28 Bitfinex and Zodia Custody are integrating to enhance digital asset security and compliance for institutional customers
In media releases
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 custody firm backed by Standard Chartered, SBI Holdings and Northern Trust.
The integration will allow Zodia Custody customers to trade on Bitfinex while their assets remain securely held via Interchange, Zodia Custody's OTC settlement solution. Customers who have accounts with both Zodia Custody and Bitfinex will have the ability to mirror their assets held on Bitfinex for trading. When a Zodia Custody client wants to trade, Zodia Custody will lock the specified assets and notify Bitfinex. After the approval process, Bitfinex will mirror the assets in the customer's Bitfinex account, which will enable the customer to trade those assets, even while they remain held via Interchange. Periodic settlement will occur where net trading activity will be securely settled on-chain between Zodia Custody and Bitfinex.
The agreement with Zodia Custody, which is registered in the UK with the Financial Conduct Authority as a digital asset company under money laundering, terrorist financing and money transfer regulations, is the latest agreement Bitfinex has agreed with a large custodian.
One of the main benefits of this integration is the separation of business activities from custody operations. This separation enhances security and strengthens the market structure in the long term.
“We believe in fostering a collaborative environment to drive innovation and best practices in the digital assets sector.” said Paolo Ardoino, CTO at Bitfinex. “We are committed to shaping the future of digital market infrastructure and enabling institutional clients to thrive in this space. Working with Zodia Custody is an important part of this strategy, and together we can look forward to enabling more institutions to enter or become more involved in digital assets.”
“The exchange was designed from the ground up to provide a better, more robust approach to custody when trading through exchanges – that is custody, without any compromises.” said Julian Sawyer, guarding Zodia. “For digital asset investors today, this is not a ‘nice to have’ but an absolute requirement. This collaboration not only underscores our commitment to providing secure and compliant solutions, but also highlights the maturity of the digital market infrastructure.”
Cryptocurrency exchanges have a crucial responsibility to protect customers, adhere to regulations, and implement strong compliance controls. Bitfinex’s collaboration with a trusted custodian like Zodia Custody highlights the exchange’s priority in collaborating with companies that have a compliance-first approach.
To learn more about Bitfinex, please visit https://www.bitfinex.com/.
About Bitfinex
Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services to traders and global liquidity providers. In addition to a range of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market, and margin trading for a wide range of digital tokens. Bitfinex's strategy focuses on providing…
Unparalleled support, tools and innovation for experienced traders and liquidity providers around the world.
About Zodia Nursery
Zodia Custody is a leading digital asset custodian by Standard Chartered, in association with Northern Trust and SBI Holdings. It enables institutional investors around the world to realize the full potential of the future of digital assets – simply, securely and without compromise. By combining leading technology, custody, governance and compliance, Zodia Custody meets the complex needs of institutional investors.
Zodia Custody applies 5AMLD requirements and applies the same standards as Standard Chartered regarding AML, FCC and KYC. It implements the requirements of the Financial Action Task Force (FATF) Travel Rule. Zodia Custody Limited is registered in the UK with the Financial Conduct Authority (FCA) as a Crypto Asset Company under the Money Laundering, Terrorist Financing and Money Transfer Regulations 2017. Zodia Custody (Ireland) Limited is registered with the Central Bank of Ireland as a VASP under the Criminal Justice. Money Laundering and Terrorist Financing Law of 2010 (as amended). Zodia Custody (Ireland) Limited was incorporated in Ireland in August 2021. Zodia Custody Limited is registered with the CSSF of Luxembourg as a Virtual Asset Service Provider in accordance with Article 7-1(2) of the Law of 12 November 2004 on Combat. Anti-Money Laundering and Combating the Financing of Terrorism, as amended.
