Bybit taps Standard Chartered-backed Zodia Custody following Safe Wallet controversy

Bybit concluded a partnership with the Crypto goalkeeper Zodia to separate his guard for institutional customers.

Cryptocurrency exchange Go through announced Thursday in a press release a new partnership with Zodia Custody to provide segregated institutional customers police custodyas well as off-date settlement solutions.

In an April 3 press releaseBybit said that thanks to the partnership, its institutional arm, Bybit Institutional, which targets larger investors, wishes to provide transparent costs and reduce the risk of exposure to its customers.

Zodia Custody, founded in 2020, offers cryptography childcare services and is supported by big names like Standard Chartered and SBI Holdings. The main advantage of the last partnership, as bybit says, is the “independent guard”, where investors can negotiate the appeal while keeping assets held with Zodia Cust on sight, guaranteeing “the complete segregation and the elimination of co-lodges via the exchange solution”.

This allows institutional customers to discuss the appeal while retaining assets with the custody of Zodia, guaranteeing a “complete segregation and by eliminating co-lining via the exchange solution”, said the press release. In addition, Bybit also claims that thanks to Zodia, the Institutonaux clients no longer need to pre-find exchange accounts, which “minimize exposure to exchange vulnerabilities and improve the effectiveness of capital”.

At the end of February, North Korean pirates targeted Bybit, flying about $ 1.46 billion in crypto in a very sophisticated robbery. The attack would have been carried out by compromise The computer’s computer at Safe, the Bybit technology provider. Less than two weeks after the violation, the CEO of Ben Ben Zhou declared that around 20% of stolen funds became not found, due to the use of pirate mixing services. Later, Zhou indicated that 88% of the stolen funds in the exchange are still traceable