The Cryptocurrency Exchange Bybit, hit by a $ 1.45 billion hack six weeks ago, cooperated with the Zodia Caution to be able to take up the security offer for institutional clients.
Backed by a troop of heavy traditional financial company (Tradfi) including standard chartered, Zodia offers separate precautions and off-venue settlement.
This means that users can trade in Bybit as their properties remain in the custody of the zodia, thus reducing exposure to on-exchange risks and preventing co-mingling of funds.
The Attack bybit in February The nearly $ 1.5 billion worth of digital assets was stolen and the largest hack of a crypto exchange in terms of dollars ever.
Such opportunities provide a bloody nose to the prospects of increasing institutional adoption of digital assets, therefore the request for careful services similar to what institutions in the Trade world institutions will expect.
Zodia Custody CEO Julian Sawyer has referred to its product as “caution and removal built for institutions, no longer -rentrofitted for crypto,” in an email announcement on Thursday.
