Crypto Custodian Koine Partners With Digital Broker GC Exchange Limitedbr>
Digital asset custodian Koine has teamed with digital broker GC Exchange Limited (GCEX) to provide GCEX’s global client-base with secure segregated custody and settlement.
Founded in 2017, Koine offers segregated, institutional custody and settlement of digital assets, providing a transformative security model, eliminating settlement and counterparty risks. The firm claims that its platform brings together the full suite of governance, compliance, risk management and audit of real-time asset trading to the digital ecosystem. Earlier this month, Koine has been awarded in-principle approval (IPA) by the Financial Services Regulatory Authority (FSRA) to provide custody in relation to virtual assets in the Abu Dhabi Global Market (ADGM).
Based in London, GCEX is designed to meet the demand for regulated and compliant exposure to the digital assets space. Authorized and Regulated by the Financial Conduct Authority (FCA), GCEX provides funds, brokers, asset managers, professional traders, and banks with a suite of cutting-edge products, including AI systems. This allows its clients to automate on-boarding, offer and trade digital assets and currencies with liquidity from Tier 1 banks.
Under the partnership, GCEX will utilize Koine’s custody and settlement services to enable its client base to benefit from Koine’s platform for both fiat and digital currencies. Koine’s proprietary technology will support GCEX, which allows for the deposit and extraction of value (on and off ramps) in a large number of digital assets and FX pairs, from majors to exotics.
“It is exciting to be entering into a partnership with Koine at such a pivotal time in the digital assets space,” said Lars Holst, CEO at GCEX. “In choosing Koine as the custody and settlement provider for our clients, we will be able to extend our reach into institutional capital, and further capitalize on our advantage of offering a range of currency off-ramps, further reinforcing our position in the global exchange ecosystem.”
GCEX will also use Koine’s paying agency service to reduce costs and dramatically improve security. This service allows clients to send digital assets directly to the GCEX-labelled hub on the Koine platform. In this way, the use of hot and cold wallets is minimized, reducing the number of transactions between the two platforms and making the movement of assets ultra-secure.
Hugh Hughes, Chairman and CEO at Koine, said theyy have already seen a positive industry response to their solution for custody and settlement, and this deal highlights a further consolidation of their reputation as the institutional platform of choice.
“By working with fellow industry innovators, we know that, together, we will deliver the infrastructure and service our clients need to protect and fully leverage the potential of their digital assets,” said Hughes. “GCEX’s proven experience and valuable insight into the digital asset exchange market, as well as their global appeal thanks to the wide range of currency off-ramps they offer, will be tremendously beneficial to Koine’s development as we continue to go from strength to strength in 2020.”