Crypto Facilities and Elliptic launches bitcoin settlement and clearing mechanism

FinTech | July 17, 2015 By:

Elliptic and Crypto Facilities announced today the launch of a settlement and clearing mechanism that separates bitcoin custody from all other exchange functions.

“Capital markets would never entertain the idea of having an exchange hold assets or of pooling funds together. The history of high profile hacks has demonstrated that this is not a solution for the bitcoin space either. With Elliptic we have found the ideal partner to define a whole new benchmark for bitcoin clearing and custody,” said Crypto Facilities COO Jean-Christophe Laruelle.

Crypto Facilities’ client accounts are now hosted in Elliptic’s secure, KPMG-accredited vaults and are fully insured by an A-rated, Fortune 100 underwriter. Each client owns their own segregated, ring-fenced account which is settled on the blockchain every day. Any movement in the account is exposed to the client and can be independently verified on the blockchain.

Crypto Facilities is a London-based financial services firm and provides risk management and trading solutions around digital assets such as bitcoin. Elliptic is a London-based company that provides bitcoin analytics and security services.