Kingdom Trust to Serve as Third Party Custodian on OTC Exchange Network (OTCXN)
Kingdom Trust to Serve as Third Party Custodian on OTCXN Network
Institutional-grade digital asset trading network provider, OTCXN Network has recently joined forces with custodian serves provider, Kingdom Trust. The partnership makes Kingdom Trust OTCXN’s “third-party custodian of assets for trading entities and exchanges,” as worded in a recent Business Wire report.
Prior to OTCXN’s existence, the crypto sphere supposedly lacked the necessary clearing and settlement solution that protects investors from intrusion, risk and liquidity concerns. With OTCXN is place, it is believed that the aforementioned problems have since been dealt with and has made it easier and promotes efficiency when it comes to trading.
Great to see @DigitalChamber member @OTCXN add @KingdomTrustCo to their network as a third-party custodian to hold fiat currency and digital assets for trading platforms using #OTCXN #technology.
— Chamber of Digital Commerce (@DigitalChamber) October 9, 2018
CEO and Founder of OTCXN, Rosario M. Ingargiola has since voiced pleasure in having Kingdom Trust join their network, calling the partnership one that supports their “mutual institutional clients that trade digital assets […] over OTCXN’s unique network.” Ingargiola also seems to be impressed by Kingdom Trust’s emphasis on complying by U.S law and having “integrity, experience, state-of-the-art infrastructure and client asset protection.”
CEO of Kingdom Trust, Matt Jennings has expressed similar excitement in working alongside OTCXN, as he described the platform, its network and partners as “offering the power of rapid liquidity to clients and markets where that has been in short supply.” He also emphasized that Kingdom Trust’s role in revolutionizing how settlement risk will be treated is surely to bring benefits to all those who are involved in the project.
OTCXN is a firm that is founded on blockchain technology and capital markets. Their goal is to use blockchain technology to resolve some notable problems within the crypto sphere, i.e. need for clearing and settlement solutions. As per the claims made, their solution provides prime brokerage services where they either do not exist or are restrictive in terms of credit limits. Ultimately, OTCXN will work towards increasing trust, while cutting down risk, friction and associated costs.
About Kingdom Trust
Like OTCXN, Kingdom Trust also focuses on offering custodian services, which is clearly the reason for the partnership in the first place. What makes this firm superior is their ability to provide such services to both individuals and institutional investors, which is rarely the case. In particular, this firm is the first of its kind to offer “qualified custody” for digital assets such as Bitcoin [BTC] and Ethereum [ETH] to name the least.