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Bybit has recently announced a significant partnership with Zodia Custody to boost its security measures post-hack. This move comes after the company suffered a massive cyberattack in March, resulting in the theft of $1.5 billion worth of Ethereum.
The new service allows institutional clients to access Bybit’s trading platform while keeping their assets stored separately with Zodia. This means that if an exchange is compromised, hackers will not be able to access customer funds as they are held independently by a third-party custodian.
By allowing traders and investors to keep their funds off-exchange, this move aims to reduce the risks associated with keeping funds directly on an exchange. The partnership also introduces an off-venue settlement, which means that traders do not have to pre-fund their Bybit trading accounts. Instead, their funds remain in custody until a trade is executed.
This new standard for institutional crypto trading offers a higher level of safety and regulatory compliance compared to traditional finance. Many experts believe that this partnership gives institutions greater confidence in investing and trading in the crypto market without worrying about exchange-related vulnerabilities.
Bybit’s integration with Zodia Custody is seen as a positive step towards improving security measures within the cryptocurrency space, which has been plagued by numerous hacks and scams.
Source: https://www.coinspeaker.com/bybit-boosts-security-with-zodia-custody-partnership/
