- Global market maker GSR, a long-standing partner of Ripple, announces a strategic partnership with Standard Custody, aiming to enhance cryptocurrency operations security and efficiency for institutional clients.
- The partnership will facilitate swift, secure cryptocurrency settlements by reducing counterparty risk through collateral isolation in regulated escrow accounts.
Elevating Crypto Security Through Innovative Escrow Solutions
In a groundbreaking alliance that promises to elevate the reliability and efficiency of cryptocurrency operations, GSR Markets Limited, an established market maker and liquidity provider for crypto exchanges, has teamed up with Standard Custody. A New York Department of Financial Services (NYDFS)-regulated trust company, Standard Custody will provide state-of-the-art custody toolkits that will be integrated into GSR’s existing services.
The confluence of these two industry veterans introduces an array of secure and seamless escrow solutions. These solutions are explicitly designed to minimize counterparty risk—a persistent pain point in crypto operations—by strategically isolating trading collateral in escrow accounts managed by a regulated, qualified custodian. Importantly, this approach allows the easy redemption of funds in a manner that is both fast and secure.
Jack McDonald, CEO of Standard Custody, underscored the gravity of this development:
“By collaborating with an industry leader like GSR, clients can confidently access liquidity while significantly reducing credit and settlement risk.”
This commentary aligns with McDonald’s previous discussions about the growing interest in XRP custody solutions among large-scale institutional clients.
Pioneering a New Standard for Cryptocurrency Trading
Rich Rosenblum, Co-founder and President of GSR, expressed his enthusiasm for the collaborative venture.
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“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,”
said Rosenblum. This type of solution-driven innovation is anticipated to fortify the existing cryptocurrency market while catalyzing further institutional adoption.
The partnership between GSR and Standard Custody doesn’t emerge in a vacuum; it sits on a historic backdrop. GSR has been a significant player in Ripple‘s ecosystem, with a partnership history spanning from 2016 to 2018. Last year, GSR caught media attention for its involvement in various investment rounds, funding ventures like Banger Games, Omni Wallet, and Derived Finance.
With decades-long expertise in market-making and investment consulting, GSR has also shown a keen focus on emerging spheres like GameFi and play-to-earn models. The alliance with Standard Custody thus signals not only an enhancement of existing services but potentially opens new corridors for innovations that could redefine how institutional traders engage with the volatile yet promising world of cryptocurrencies.
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