Bybit, a major cryptocurrency exchange, has announced a partnership with Zodia Custody to enhance security measures for its institutional clients after a significant hack that negatively impacted the exchange's reputation.
Reasons for Collaboration
The partnership between Bybit and Zodia Custody became a necessary step following the hack that resulted in a loss of $1.46 billion. This event highlighted the need for enhanced security in the crypto industry, especially for institutional investors.
Goals and Benefits
The main goal of the collaboration is to provide secure asset storage and reduce vulnerabilities of the exchange. Zodia Custody offers off-site custody solutions that will improve Bybit's security infrastructure. Zodia Custody CEO Julian Sawyer stated: "Institutional clients need more than speed—they need to know their assets are held securely."
Impact on the Crypto Market
The partnership between Bybit and Zodia Custody may influence market perception of cryptocurrencies and stability among institutional investors. The earlier hack raised concerns, leading to the adoption of stricter security protocols by exchanges.
The partnership with Zodia Custody is an important step in restoring trust in Bybit and may lead to improved overall security standards in the crypto industry.
