DeFinity Enhances Custody Service with Custodiex and Crculus Integration
Custodiex and Crculus help DeFinity Market’s Execution Ecosystem Get Stronger.
The merging of Custodiex and Crculus, two providers of cold storage and infrastructure services, respectively, has strengthened the execution environment of DeFinity Market, an institutional digital asset ECN and DeFi markets provider, which made this announcement on Friday. “We have always been aiming to collaborate with innovative technology companies to accelerate the evolution of the broader market, and this partnership with Custodiex and Crculus definitely contributes to achieving that,” stated Manu Choudhary, co-founder and CEO of
According to the official press release that was provided to Finance Magnates, Custodiex is an extremely safe cold storage solution. It offers institutions real-time digital asset management and is scalable. The limitations of popular decentralised technologies were also noted by Thomas Soede, co-founder of Crculus: “One of the biggest issues with the Digital Asset market at present is that while transactions are carried out and cleared in minutes, the lack of Institutional infrastructure and interoperability impede full Financial Institution adoption.” A similar statement was made by Soede. This structural flaw in the institutional crypto custody market is directly fixed by Crculus. Because of its technological stack, which lies between the application and operational layers, many custodians can communicate with one another.
“I’m a great admirer of performance-boosting technology, and we believe that together we will be setting new standards in digital trading for digital assets,” Choudhary said. DeFinity, which is owned by DMALINK and WeOwn, tracks every step of a transaction’s lifetime on the layer-1 blockchain and offers trading services to institutional counterparties. Its hybrid structure also gives consumers the option to share certain data with third parties and service providers on a permissioned blockchain, and to opt out of the permissionless channels. The company has prioritised transparency in the digital trading sector, where prices vary throughout venues. In January of last year, DeFinity executed its first FX deal on its infrastructure with a cash settlement. The platform had previously partnered with Cobalt, a well-known supplier of market infrastructure. Additionally, according to Michael Siwek, co-founder of DeFinity, “Custodiex offers the strength and scalability of the cloud, combined with cold storage in physical vaults, which we expect will add a remarkable edge to our execution venue participants in terms of security and accessibility.”
