- SFOX will partner with M.Y. Safra Bank to offer their traders deposit accounts that are in line with the Federal Deposit Insurance Corp.
- The partnership will enhance protection over traders as they will be able to hold funds in accounts listed under their names.
- It will also improve trading by reducing the time required to make funds available for trading.
FDIC protection is the safest of savings accounts, which is closely related to what the Wild West of cryptocurrency trading is getting.
The Partnership between SFOX and M.Y. Safra Bank
SFOX is collaborating with M.Y. Safra Bank based in New York to give its traders deposit accounts supported by the Federal Deposit Insurance Corp. SFOX is a prime dealer and trading system in the 208 billion US Dollars crypto market while the federal agency protects bank customers approximately 250,000 US Dollars per financial institution. According to SFOX, this marks the first time FDIC-insured accounts will be associated with a prime crypto dealer and allow traders to save funds in their accounts. Most banks barely allow linkage of their customers’ accounts to cryptocurrency trading. The FDIC insurance offers cash leg protection of a crypto trade and hardly applies to the Bitcoin, Ether, or various digital assets that the SFOX users purchase on exchanges.
SFOX affirmed that the partnership not only makes funds more secure, but it also reduces the time needed to make funds readily available for trading, which makes trading more effective. The firm associates with various exchanges such as Gemini and Kraken, ItBit and many others and hence its users can easily access trading on those venues without having to pay and register on each of them.
Danny Kim, the SFOX head of growth, said that the singled out accounts will offer protection over traders by allowing them to hold their cash under their names instead of mixed in one account at an exchange. He also noted that the recent bankruptcy of Quadriga Fintech Solutions Corp., the Canadian market would have less impact if individual account structure would have been in place. The crypto market linked to fraud, theft and regulatory infractions has strived to appeal to the mainstream investors. A Quadriga based in Vancouver owes 115,000 clients approximately 193 million US Dollars in cash and cryptocurrencies following the death of the founder, Gerry Cotton last year. On May, 7 Binance reported an attack where hackers withdrew 7,000 Bitcoins worth 40 million US Dollars. New York attorney general has blamed Bitfinex of hiding the loss of approximately 850 million US Dollars in client and corporate cash.
Digital assets are becoming popular in the traditional financial world. Fidelity investment established earlier this years started a custody service to store Bitcoin will buy and sell the most prominent digital Asset in the world for institutional clients within a few weeks. Robinhood and E*Trade Financial Corp. are providing cryptocurrency trading into clients while JPMorgan Chase & Co. has established the Quorum blockchain service for corporations and evaluating with JPM Coin, its digital Asset.
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