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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Elliptic and Crypto Facilities Bring Settlement

NewsBTC
NewsBTC
4 years ago
2 mins read
Bitcoin firm Elliptic CEO

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Bitcoin analytics and security firm Elliptic has partnered with bitcoin derivatives exchange Crypto Facilities to bring enterprise standards to bitcoin trading. The two London-based bitcoin startups announced today the launch of a settlement and clearing mechanism that separates bitcoin custody from all other exchange functions.

The terms of the deal specify that the clients of the derivatives exchange will see their accounts hosted in Elliptic’s secure vaults. It must be noted that Elliptic has KPMG accreditation for its vaults.

Safety of Funds Guaranteed!

The new partnership will see that each client owns his own segregated, ring-fenced account settled on the blockchain every day. The client is apprised of any change in his account, which can also be independently verified on the blockchain.

Jean-Christophe Laruelle, COO of Crypto Facilities, said, “Capital markets would never entertain the idea of having an exchange hold assets or of pooling funds together. The history of high-profile hacks has demonstrated that this is not a solution for the bitcoin space either. With Elliptic, we have found the ideal partner to define a whole new benchmark for bitcoin clearing and custody.”

James Smith, CEO of Elliptic, said, “Our mission is to bring confidence and certainty to bitcoin. This deep integration of our two firms is an essential step towards enterprise-scale bitcoin trading. With Crypto Facilities’ strong and robust trading infrastructure, we expect trading in bitcoin derivatives to flourish, improving bitcoin’s price stability and driving enterprise adoption.”

The traders can now rest assured that their funds are not being mismanaged by the exchange, or at least, that they can take timely action if the worst happens. The latest offering is a leap over the traditional bitcoin trading setup in which the client assets are generally managed by the exchange and are closed for external auditing.

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