OTCXN hires Kingdom Trust as custodian
Trading platform OTC Exchange Network (OTCXN) announced its partnership with cryptocurrency custodian Kingdom Trust, in a press release.
Kingdom Trust will “serve as a neutral, third-party custodian of assets for trading entities and exchanges that use OTCXN technology to facilitate clearing and settlement of OTC block trades and cross-exchange trading,” according to the release.
OTCXN noted that the cryptocurrency custodian was the first regulated financial institution to provide custody of cryptocurrencies, of which it holds more than $12 billion.
Rosario Ingargiola, CEO and founder of OTCXN, said, “Kingdom Trust is one of only a few regulated U.S. entities that offers stand-alone custody services in both fiat and cryptocurrencies. They stand out for their integrity, experience, state-of-the-art infrastructure and client asset protection.”
Kingdom Trust CEO Matt Jennings said, “By partnering with OTCXN, Kingdom Trust will be able to offer its clients the best of both worlds, i.e., the ability to ‘trade hot, store cold.’ The OTCXN platform, its networks, and partners will offer the power of rapid liquidity to clients and markets where that has been in short supply.” The partnership, he added, would help eliminate counterparty and settlement risk.
OTCXN explained that “[t]rades on OTCXN execute as an atomic exchange of provable assets on the custodial blockchain ledgers in real-time, for instant clearing and settlement, with underlying assets held at the custodian, and crypto assets remaining in cold or deep storage.”
Among OTCXN’s others planned ventures is the launch of LiquiMatch, designed to allow clients of custodians on the network to access liquidity across OTCXN’s various platforms through a single account.
The company will also be servicing third-party credit and collateral providers, to aid them in the financing of traders’ long and short positions, offering margin loans and coin repurchase agreements, among other financial products.
Kingdom Trust is also partners with insurance market Lloyd’s of London, which provides insurance for cryptocurrencies held by Kingdom Trust in behalf of institutional investors.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.