Cryptocurrency Exchange Bybit, which was reached by a trick of $ 1.45 billion six weeks ago, has been associated with Zodia custody to reinforce its security offer for institutional clients.
Backed by a Company of Traditional Heavyweight Finance Companies (Tradfi), including the standard, Zodia offers segregated custody and mitigating settlement.
This means that users can trade with Bybit while their assets remain in custody of Zodia, thus reducing exposure to exchange risks and avoiding the contribution of the funds.
The attack on Bybit in February was stolen from digital assets worth almost $ 1.5 billion and was the largest hack of an exchange of cryptography in terms of dollars.
These instances give a bloody nose to the prospects of increasing the institutional adoption of digital assets, hence the custody services requirement similar to what institutions would expect in the tradfi world.
The CEO of Zodia Custody, Julian Sawyer, referred to its product as “custody and liquidation built for institutions, not adapted for crypto”, in an announcement sent by email on Thursday.
