The crypto exchange Bybit has announced a partnership with Zodia Custody aimed at improving security and asset storage for institutional investors.
Partnership Announcement
The partnership was announced on April 3 and allows institutional clients to trade on Bybit while securely holding their assets with Zodia Custody.
Security and Control of Assets
The collaboration also includes off-venue settlement, enabling clients to retain control of their assets without pre-funding exchange accounts, thereby enhancing security and capital efficiency.
Context and Reason for the Partnership
This partnership comes in response to a significant security breach at Bybit in February, during which $1.46 billion worth of cryptocurrency was stolen. Zodia Custody, founded in 2020 and backed by major firms like Standard Chartered and SBI Holdings, provides high-level security and compliance for storing digital assets.
Bybit and Zodia Custody are working to enhance security for institutional clients, helping to rebuild trust in the platform and aligning with regulations for investor fund protection in the crypto industry.
