OTCXN, a blockchain-powered capital markets infrastructure company, has signed Kingdom Trust to serve as a neutral, third-party custodian of assets for trading entities and exchanges that use its technology to facilitate clearing and settlement of OTC block trades and cross-exchange trading.
Kingdom Trust is an independent qualified custodian with a decade of experience in the alternative asset space. As a regulated trust company, Kingdom Trust offers a regulatory compliant environment, including AML/KYC, for both domestic and international clients. The firm also offers custody solutions for cryptoassets.
“The biggest problem for institutions in the cryptocurrency space prior to OTCXN’s launch has been the lack of a clearing and settlement solution that eliminates trading counterparty and settlement risk, while connecting all global liquidity providers and exchanges. OTCXN’s multi-custodian solution solves this problem and delivers global liquidity access with a single account at the preferred custodian of a trading desk or exchange. Kingdom Trust will play a key role in supporting the expansion of the OTCXN network by providing clients with safe and capital efficient access to this global liquidity through OTCXN’s market leading trading platforms,” says OTCXN in a release issued today.
The firm’s CEO and founder, Rosario Ingargiola, comments: “We are extremely pleased to have Kingdom Trust on board and using OTCXN’s custodian desk platform to support our mutual institutional clients that trade digital assets such as cryptocurrencies over OTCXN’s unique network. Kingdom Trust is one of only a few regulated US entities that offers stand-alone custody services in both fiat and cryptocurrencies. They stand out for their integrity, experience, state-of-the-art infrastructure and client asset protection.”
Matt Jennings, CEO of Kingdom Trust, adds: “By partnering with OTCXN, Kingdom Trust will be able to offer its clients the best of both worlds, i.e., the ability to ‘trade hot, store cold’. The OTCXN platform, its network, and partners will offer the power of rapid liquidity to clients and markets where that has been in short supply. The combined solution leverages technology to eliminate counterparty and settlement risk, delivering benefits for all participants in the ecosystem. We are excited to play a role in this transformative approach.”