OTC Exchange Network (OTCXN), an institutional trading network and infrastructure provider utilizing Blockchain technologies, announced today that it has joined forces with Kingdom Trust, a regulated trust company, which will act as a third-party custodian of assets for financial institutions that use OTCXN technology.
Financial firms, such as trading entities and exchanges, use OTCXN’s technology to allow over the counter (OTC) block trades to be cleared and settled. The purpose of OTCXN is to give the cryptocurrency space a clearing and settlement solution which helps to remove settlement and trading counterparty risks, while at the same time, connect liquidity providers.
Kingdom Trust is the first regulated firm to offer a qualified custody for digital assets. At present, the firm has more than $12 billion of digital asset investments, such as Bitcoin and Ethereum, in custody.
Kingdom Trust to Support OTCXN Expansion Efforts
Through the partnership, Kingdom Trust will support the expansion efforts of the OTCXN network. It will achieve this by providing clients with access to liquidity through OTCXN’s trading platform.
Rosario Ingargiola
Source: LinkedIn
Rosario M. Ingargiola, the CEO and Founder of OTCXN said: “We are extremely pleased to have Kingdom Trust on board and using OTCXN’s Custodian Desk platform to support our mutual institutional clients that trade digital assets such as Cryptocurrencies over OTCXN’s unique network.
“Kingdom Trust is one of only a few regulated US entities that offers stand-alone custody services in both Fiat and Cryptocurrencies. They stand out for their integrity, experience, state-of-the-art infrastructure and client asset protection.”
Matt Jennings
Source: LinkedIn
Matt Jennings, the CEO of Kingdom Trust added: “By partnering with OTCXN, Kingdom Trust will be able to offer its clients the best of both worlds, i.e., the ability to “trade hot, store cold. The OTCXN platform, its network, and partners will offer the power of rapid liquidity to clients and markets where that has been in short supply."
“The combined solution leverages technology to eliminate counterparty and settlement risk, delivering benefits for all participants in the ecosystem. We are excited to play a role in this transformative approach.”
