Fund services provider Zedra has teamed up with digital custodian Vo1t to enter the digital assets space.
The fund services firm introduced an end-to-end solution for trading the virtual currency Bitcoin.
This is being done using an escrow agreement, enabling Zedra to store the buyer’s fiat money “within its AAA rated money market funds”, using the services of a US investment bank.
The fund services provider also collaborated with digital assets specialist BCB and blockchain firm Constellation Group on the initiative.
Zedra business development director John Hunter said: “The buyer’s fiat cash and the seller’s bitcoin will be held to the order of Zedra and governed by an innovative tripartite escrow agreement containing the terms of the transaction.
“Following proof of funds and verification of the bitcoin and satisfaction of the terms of the arrangement, the transaction concludes.
“The bitcoin is then transferred to the buyer and this can either be via internet connected hot wallets, or it can be transferred utilising Vo1t’s HSM cold storage custody platform.”
Zedra is the latest firm to jump on the crypto bandwagon.
A month later, Julius Baer collaborated with fintech firm Seba Crypto to offer digital asset services.
Soon after, Fidelity Investments unveiled plans to support crypto trading.
Earlier this month, Avaloq joined forces with AlgoTrader to build a digital asset management ecosystem.