The crypto custodian Zodia Custody has teamed up with crypto exchange Deribit, enabling institutional clients to access market derivatives liquidity while retaining their assets in segregated cold wallets.
Zodia Custody’s Strategic Partnership
Zodia Custody, a crypto custody provider backed by Standard Chartered, has unveiled a reported partnership agreement with crypto options exchange Deribit in a push to expand the list of its Interchange network members. In a July 30 announcement, Zodia reportedly said that under the agreement, it would integrate Deribit into its Interchange network, an off-venue settlement solution for institutional and high-volume traders.
In the announcement, Zodia Custody’s chief commercial officer, James Harris said that the collaboration opens a “distinct market advantage” for its clients as the Interchange network “enables seamless trading while keeping assets secure.”
Recent Funding to Bolster Expansion
The latest partnership comes just a month after Zodia Custody allegedly secured funding from Australia’s largest bank, bolstering its position in the institutional digital asset custody sector. As news sources reported earlier, the custodian raised fresh capital from NAB Ventures, the venture capital arm of National Australia Bank, one of the largest financial institutions in Australia.
With the bank’s support, Zodia Custody is now backed by four major financial institutions worldwide, adding to previous investments from Standard Chartered, Northern Trust, and SBI Holdings. According to the funding round news, the custodian plans to use the new capital to accelerate its efforts in Australia, particularly in onboarding local digital asset exchanges amid anticipated regulatory changes by 2025.
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About Deribit and Its Industry Impact
Deribit, a leading crypto derivatives exchange, offers trading in futures and options on Bitcoin and Ethereum. Founded in 2016, it has quickly established itself as a significant player in the crypto market. Deribit’s focus on providing robust and secure trading infrastructure has earned it a strong reputation among institutional and professional traders. Its platform is known for high liquidity, competitive pricing, and advanced risk management features, making it a preferred choice for those looking to trade crypto derivatives.
Over the years, Deribit has garnered support from several high-profile investors and partners. This backing has supposedly helped it expand its offerings and improve its trading platform. The exchange’s commitment to security and innovation has attracted a growing user base, contributing to its success in the competitive crypto market. This strong foundation, coupled with Zodia Custody’s secure custody solutions, allegedly creates a compelling proposition for institutional investors seeking to navigate the complex world of crypto derivatives.
By combining Deribit’s deep liquidity and advanced trading features with Zodia Custody‘s robust security infrastructure, the partnership aims to set a new standard for institutional crypto custody and trading.
Significance of Collaborations in the Crypto Industry
Collaborations like the one between Zodia Custody and Deribit are vital for the growth and maturation of the crypto industry. These partnerships allow for the pooling of resources, expertise, and technology, resulting in enhanced services for clients. By integrating Deribit into its Interchange network, Zodia Custody is allegedly offering its clients a secure and efficient way to trade derivatives while keeping their assets safe. This integration provides a distinct market advantage and showcases the importance of strategic alliances in driving innovation and trust within the crypto space.
Overall, the partnership between Zodia Custody and Deribit represents a significant step forward in the institutional adoption of crypto assets, highlighting the increasing importance of security and efficiency in digital asset trading. Stay tuned to The BIT Journal for more updates.
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