Koine and GC Exchange (GCEX), have entered into a partnership to provide segregated custody and settlement to a global client base.
The two firms are both regulated by the UK’s Financial Conduct Authority (FCA). Koine provides segregated, institutional custody and settlement services for digital assets and fiat money, while GCEX is a digital broker.
GCEX will use Koine’s custody and settlement services, enabling GCEX’s client base to benefit from Koine’s platform for both fiat and digital currencies.
Koine’s proprietary technology will support GCEX, which allows for the deposit and extraction of value in a large number of digital assets and FX pairs, from majors to exotics.
Additionally, GCEX will use Koine’s paying agency service, designed to reduce costs and dramatically improve security.
According to Koine, this service allows clients to send digital assets directly to the GCEX-labelled hub on the Koine platform.
In this way, the use of hot and cold wallets is minimised, reducing the number of transactions between the two platforms and making the movement of assets ultra-secure.
Koine customers gain access to a post-trade solution from a business licensed by the UK’s FCA, a service specifically designed for institutional investors to mitigate counterparty, insolvency and credit risks of trading on exchanges.
The automated service obviates the need for humans in post-trade processes, delivering massive operational scalability with near real-time egress of digital assets from custody where required.
Hugh Hughes, chair and CEO at Koine, said: “By working with fellow industry innovators, we know that, together, we will deliver the infrastructure and service our clients need to protect and fully leverage the potential of their digital assets. GCEX’s proven experience and valuable insight into the digital asset exchange market, as well as their global appeal thanks to the wide range of currency off-ramps they offer, will be tremendously beneficial to Koine’s development as we continue to go from strength to strength in 2020.”
Lars Holst, CEO at GCEX, added: “It is exciting to be entering into a partnership with Koine at such a pivotal time in the digital assets space. In choosing Koine as the custody and settlement provider for our clients, we will be able to extend our reach into institutional capital, and further capitalize on our advantage of offering a range of currency off-ramps, further reinforcing our position in the global exchange ecosystem.”
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