Secure, Compliant but Flexible: FinchTrade Elevates Crypto Custody Offering with Fireblocks
ZUG, Switzerland, May 7, 2024 /PRNewswire/ — FinchTrade, a Swiss liquidity provider in the cryptocurrency sector, is proud to announce its integration with Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain. This strategic collaboration is set to enhance FinchTrade’s service offering, aligning with industry regulations and expanding its capabilities in asset custody.
The collaboration with Fireblocks introduces several key enhancements to FinchTrade’s operational framework:
1. Regulatory Compliance: Fireblocks’ institutional-grade technology enables FinchTrade to generate unique blockchain addresses for each client, a critical feature for Travel Rule compliance, which mandates the collection and sharing of transactional information for AML purposes.
2. Direct Custody Advantage: Fireblocks delivers a specific implementation of self-custody, providing a zero counterparty risk environment with multiple layers of security, meaning funds are never stored in an omnibus account or commingled with any other client funds, therefore eliminating the risks associated with traditional financial custodians. This approach elevates the security of client assets under FinchTrade’s management.
3. Expanded Product Offerings: With Fireblocks, FinchTrade now offers individual client wallets, expanding its services to include crypto asset custody. This enhancement allows clients to store assets, execute conversions between cryptocurrencies and fiat, and make payments — all from within their FinchTrade account, without the need for external third-party services.
4. Network Integration: By joining the Fireblocks Network, FinchTrade gains direct connectivity to a global network of over 1,800 trusted financial institutions, liquidity partners, trading venues and counterparties for secure transfers and payments.
“Collaborating with Fireblocks is a game-changer. It fortifies our commitment to IT security and enables offering a diversified service portfolio,” said Yuri Berg, Board Member of FinchTrade.
“We’re pleased to be working with FinchTrade to offer greater connectivity and security for their trading platform tailored to their clients’ needs. This collaboration highlights our mutual dedication to industry-leading security and operational efficiency, and we look forward to our continued efforts to advance the digital assets space together,” said Stephen Richardson, Managing Director, Financial Markets at Fireblocks.
The integration with Fireblocks positions FinchTrade at the forefront of digital asset security and compliance, ensuring that the company remains a trusted partner in the evolving world of cryptocurrency trading.
About FinchTrade:
FinchTrade is a Swiss-based liquidity provider specialising in cryptocurrency trading solutions. With a commitment to security, compliance, and innovation, FinchTrade offers seamless liquidity services to a global clientele.
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