The settlement and clearing mechanism marks another step in bringing Bitcoin to capital markets. Crypto Facilities will host client accounts in Elliptic’s secure, KPMG-accredited vaults. Under this arrangement, Crypto Facilities accounts are fully insured by an A-rated, Fortune 100 underwriter. Each client will own their own segregated, ring-fenced account that is settled daily on the block chain. The client can see all movement in the account as the block chain independently verifies all activity.
The solution overcomes the traditional setup of Bitcoin trading venues in which client assets are managed directly by the exchange and cannot be audited externally.
Crypto Facilities provides risk management and trading solutions around digital assets such as Bitcoin. The company is also a broker for exchange-traded futures and options.
Elliptic provides Bitcoin analytics and security services. The company is backed by Octopus Ventures and is the founding member of the UK Digital Currency Association (UKDCA).
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