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Bybit Teams Up with Zodia Custody for Off-Venue Settlement Following $1.4 Billion Breach
Zodia Custody and Bybit have announced a partnership to provide segregated custody and off-venue settlement for Bybit’s institutional clients. Zodia Custody is backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD.Bybit recently suffered a security breach that reportedly led to the loss of more than $1.4 billion in liquid-staked Ether (ETH) and MegaETH (mETH). The incident highlighted security risks associated with on-exchange asset storage.Off-Exchange Custody Gains Institutional InterestInstitutional investors require secure infrastructure and regulatory compliance when engaging with digital assets. The risks of centralised control and counterparty exposure have increased demand for independent custody solutions."Institutional clients need more than speed – they need to know their assets are held securely, off-exchange, and fully under their control," Julian Sawyer, CEO of Zodia Custody, commented.Read more at FinanceMagnates.com: Bybit Fully Covered $1.4B Ether Gap after the Hack; Handled $6.1B in Withdrawals.Zodia Custody Improves Security for InstitutionsZodia Custody’s Interchange solution allows institutional clients to trade on Bybit while keeping assets in independent custody. The system ensures segregation, prevents co-mingling, and reduces exposure to exchange-side risks. It also removes the need to pre-fund exchange accounts.Zodia Custody is certified under SOC 1 Type I and II. It serves financial institutions, government entities, hedge funds, and crypto platforms in selected markets. The company provides custody infrastructure designed to meet regulatory standards."Zodia Custody's reputation as a trusted, highly regulated custodian makes it the ideal partner to safeguard our clients' assets while enhancing capital efficiency. Together, we are setting new standards for the institutional adoption of digital assets," Shunyet Jan, Head of Institutional and Derivatives at Bybit, added.
Zodia Custody and Bybit have announced a partnership to provide segregated custody and off-venue settlement for Bybit’s institutional clients. Zodia Custody is backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD.
Bybit recently suffered a security breach that reportedly led to the loss of more than $1.4 billion in liquid-staked Ether (ETH) and MegaETH (mETH). The incident highlighted security risks associated with on-exchange asset storage.
Off-Exchange Custody Gains Institutional Interest
Institutional investors require secure infrastructure and regulatory compliance when engaging with digital assets. The risks of centralised control and counterparty exposure have increased demand for independent custody solutions.
"Institutional clients need more than speed – they need to know their assets are held securely, off-exchange, and fully under their control," Julian Sawyer, CEO of Zodia Custody, commented.
Read more at FinanceMagnates.com: Bybit Fully Covered $1.4B Ether Gap after the Hack; Handled $6.1B in Withdrawals.
Zodia Custody Improves Security for Institutions
Zodia Custody’s Interchange solution allows institutional clients to trade on Bybit while keeping assets in independent custody. The system ensures segregation, prevents co-mingling, and reduces exposure to exchange-side risks. It also removes the need to pre-fund exchange accounts.
Zodia Custody is certified under SOC 1 Type I and II. It serves financial institutions, government entities, hedge funds, and crypto platforms in selected markets. The company provides custody infrastructure designed to meet regulatory standards.
"Zodia Custody's reputation as a trusted, highly regulated custodian makes it the ideal partner to safeguard our clients' assets while enhancing capital efficiency. Together, we are setting new standards for the institutional adoption of digital assets," Shunyet Jan, Head of Institutional and Derivatives at Bybit, added.
