Zodia Custody launches service to protect users’ crypto from exchange insolvency

Crypto plus supplier Zodia Custody has launched a caller work to assistance support its clients from speech insolvency. 

According to the company, its caller service, Interchange, volition supply an alternate to the pre-funding and borderline models of exchanges. The work is acceptable to let users to support their assets with Zodia Custody portion mirroring holdings successful exchanges, thereby protecting clients’ integer assets successful the lawsuit that an speech becomes insolvent. 

Based successful London, Zodia Custody is backed by fiscal institutions Standard Chartered and Northern Trust.

Introducing our caller service: Zodia Interchange successful collaboration with @zodiamarkets. You tin present actively commercialized connected aggregate exchanges straight from your #custody wallet. Minimum hazard & afloat plus #segregation guaranteed❗️#SecureTrading
Learn more: https://t.co/Y05hUeDVN2 pic.twitter.com/KlqAluR0LP

— Zodia (@ZodiaCustody) December 7, 2022

Zodia Custody’s Interchange work is presently unrecorded and seeks to supply transparency and power to exchanges without handing implicit ownership of underlying assets. The exertion provides instant entree to speech trading balances and automates post-trade settlement. Zodia Custody’s sister company, Zodia Markets, volition besides leverage this caller service. 

Maxime de Guillebon, CEO of Zodia Custody, shared that the company’s principles “have ever evolved astir plus safety, segregation betwixt custody and trading, and the effectual absorption of counterparty risk.”

Related: Mazars says users' BTC reserves connected Binance are afloat collateralized

The motorboat of this caller work comes a period aft investors and speech users mislaid billions of dollars successful the collapse of FTX. The downfall of FTX has had a domino effect connected the crypto ecosystem, with different companies wrong the abstraction being impacted. One of the largest crypto lenders successful the industry, BlockFi, filed for bankruptcy due to its vulnerability to FTX.

Another large sanction successful the crypto space, Genesis Trading, is besides facing important trouble pursuing the clang of FTX. The fiscal services supplier has upward of $170 cardinal of assets stuck connected FTX, making operations virtually impossible.