Blockchain
FinchTrade Enhances Crypto Custody Offering with Fireblocks
ZUG, Switzerland, May 7, 2024 /PRNewswire/ — FinchTrade, a Swiss cryptocurrency liquidity provider, is proud to announce its integration with Fireblocks, an enterprise platform for managing digital asset trades and building innovative businesses on blockchain. This strategic collaboration is set to enhance FinchTrade’s service offering, aligning with industry regulations and expanding its capabilities in asset custody.
FinchTrade Enhances Crypto Custody Offering with Fireblocks
The collaboration with Fireblocks introduces several key improvements to the FinchTrade operational framework:
1. Regulatory compliance: Fireblocks’ institutional-grade technology allows FinchTrade to generate unique blockchain addresses for each customer, a key feature for compliance with the Travel Rule, which mandates the collection and sharing of transactional information for AML purposes.
2. Advantage of direct storage: Fireblocks offers a specific implementation of self-custody, providing a zero counterparty risk environment with multiple layers of security, meaning funds are never stored in an omnibus account or commingled with other client funds, thus eliminating risks associated with traditional financial custodians. This approach increases the security of client assets under the management of FinchTrade.
3. Expanded Product Offerings: With Fireblocks, FinchTrade now offers individual wallets for customers, expanding its services to include cryptocurrency custody. This enhancement allows customers to store assets, perform conversions between cryptocurrencies and fiat, and make payments, all from their FinchTrade account, without the need for external third-party services.
4. Network Integration: By joining the Fireblocks network, FinchTrade gains direct connectivity to a global network of over 1,800 trusted financial institutions, liquidity partners, trading venues and counterparties for secure transfers and payments.
“Collaborating with Fireblocks is a game-changer. It strengthens our commitment to IT security and enables us to offer a diversified portfolio of services,” said Yuri Berg, member of the board of directors of FinchTrade.
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“We are pleased to work with FinchTrade to offer greater connectivity and security for their trading platform tailored to the needs of their clients. This collaboration highlights our mutual dedication to industry-leading security and operational efficiency, and we look forward to our continued efforts to advance the digital asset space together,” said Stephen Richardson, managing director of financial markets at Fireblocks.
The integration with Fireblocks positions FinchTrade at the forefront of digital asset security and compliance, ensuring the company remains a trusted partner in the evolving world of cryptocurrency trading.
About FinchTrade:
Finch Trade is a Switzerland-based liquidity provider specializing in cryptocurrency trading solutions. With a commitment to security, compliance and innovation, FinchTrade offers seamless liquidity services to a global clientele.
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Finch Trade logo (PRNewsfoto/Finch Trade AG)
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SOURCE FinchTrade
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