Two veterans of the digital assets segment will work together to advance the security and resource effectiveness of cryptocurrency operations for institutional-grade clients. Standard Custody will safeguard escrow platforms operated by GSR and its clients. Also, the collaboration will make cryptocurrency settlements fast and seamless.
GSR marketmaker scores partnership with Standard Custody: Details
Standard Custody, NYDFS-regulated limited trust company and provider of custody for digital assets, starts collaborating with GSR Markets Limited, a marketmaker, liquidity provider for crypto exchanges and a highly reputed trading firm. Standard Custody will integrate its solutions custody toolkit into GSR's services.
Standard Custody introduces a series of seamless and secure escrow solutions that can be utilized by clients from GSR and other top-tier trading firms in the crypto segment.
Technically, the novel solution reduces counterparty risk by isolating collateral from trading partners. Instead, collateral is stored in an escrow controlled by a regulated qualified custodian. At the same time, the funds in escrow can be easily redeemed in a fast and secure manner.
Jack McDonald, CEO of Standard Custody, highlighted the importance of the new release for the overall level of security in the digital assets sphere and, in particular, in the institutional trading segment:
Standard Custody is pleased to be offering solutions that reduce risk. By collaborating with an industry leader like GSR, clients can confidently access liquidity with a leading provider while significantly reducing credit and settlement risk.
As covered by U.Today previously, McDonald discussed the prospects of XRP custody and the trends in interest of large-scale custody clients.
Mitigating risk for cryptocurrency market participants
Rich Rosenblum, cofounder and president of GSR, is excited by the role of the new product in the ecosystem of what GSR offers for corporate traders all over the globe:
We believe this relationship with Standard Custody will be a crucial step in the settlement and mitigation of counterparty credit exposure, further elevating standards for reliability and efficiency, and restoring market confidence. This type of innovation secures the existing marketplace while encouraging further institutional adoption in the space.
GSR was a partner of Ripple in 2016-2018. It also made headlines in 2022 by participating in numerous investing rounds, including strategic funding for Banger Games, Omni Wallet, Derived Finance and so on.
Teams in the spheres of GameFi and play-to-earn are in focus for GSR. Also, the firm is known for its decades-long expertise in marketmaking and investment consulting.
Yuri Molchan
Gamza Khanzadaev
