The new custody exchange network will provide investors with far more opportunities in creating a safe custody vault.
Institutional cryptocurrency custody firm Anchorage Digital has formed a ground-breaking custody exchange network to boost the crypto market for various investors. The network will supposedly provide organizations more access to the majority of trading pairs throughout significant exchanges.
As stated in the official statement, Anchorage saw participation from five digital asset trading platforms, including CoinList, Binance.US, Wintermute, Strix Leviathan, and Blockchain.com.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How Does Cryptocurrency Work? (Explained with Animation)
President and co-founder of Anchorage Diogo Monica stated that a number of exchanges and liquidity providers always wanted to create an isolated and safe custody vault. Thus, this custody exchange will provide investors with far more opportunities.
Anchorage CEO Nathan McCauley mentioned that custodians and exchanges should be structured differently. He added:
“Traditional finance has long been held to the same standard; if the crypto industry wants to cultivate the same level of trust with investors and the public, we need to follow the same playbook. Anchorage is proud to work with some of the world’s leading exchanges to make that possible for crypto.”
Furthermore, Anchorage stated that by establishing the custody network, various institutions, including Registered Investment Advisors, will be able to function by meeting their duties to the customers, while also “holding assets with a qualified custodian through the full lifecycle of a trade”.
On top of that, the custody firm underlines the fact that by maintaining custody with Anchorage, users don't have to fear anything. Their assets which will be stored in a hot wallet will be completely safe and hackers won’t be able to steal them.
The participants in the initiative also commented on the importance of collaboration. For instance, founder and CEO of Wintermute Evgeny Gaevoy implied that the company is happy to lend a hand in improving "transparency, fairness and efficiency in crypto." He also underlined that “safe and secure access to liquidity is critical for trust in the digital asset economy."
Anchorage Digital, founded in 2017, is one of the most advanced and secure regulated cryptocurrency platforms in the world. The main focus of the infrastructure provider is to provide various organizations with easier access to crypto custody, trading, financing, and staking.
