Koine integrates GCEX to provide segregated custody and settlement

London-based digital asset custody provider Koine integrated with digital broker GC Exchange Limited (GCEX), both firms are regulated by the UK’s Financial Conduct Authority (FCA).

GCEX will utilize Koine’s custody and settlement services and GCEX’s clients will benefit from Koine’s platform for fiat and digital currencies. Koine’s technology will allow deposit and extraction of value (on and off ramps) in a large number ofdigital assets and FX pairs, from majors to exotics.

GCEX will also leverage Koine’s paying agency service to reduce costs and boost security, allowing clients to send digital assets directly to the GCEX hub on the Koine platform. The use of hot and cold wallets will be minimised, reducing the number of transactions between the two platforms and making the movement of assets secure.

The post-trade solution, Koine’s clients will gain access to a service designed for institutional investors to mitigate counterparty, insolvency and credit risks of trading on exchanges and removes the need for humans in post-trade processes, delivering operational scalability with near real-time egress of digital assets from custody where required.

Koine’s security model uses Digital Airlocks and replaces the cold store and hot wallet model which exposes private keys and has poor operational scalability. Through the combination of a new digital asset security model with fiat custody and DvP settlement, Koine provides a post-trade solution, suitable for traditional capital markets.

London- based GCEX is tailored to meet the demand for regulated and compliant exposure to the digital assets space. With FCA authorisation, GCEX provides funds, brokers, asset managers, professional traders and banks with a suite of products such as AI systems, allowing its clients to automate on-boarding, offer and trade digital assets and currencies with liquidity from Tier 1 banks.

Hugh Hughes, Chairman and CEO at Koine, said:

Hugh Hughes, Koine

Hugh Hughes

We’re thrilled to enter into this partnership with GCEX. We have already seen a positive industry response to Koine’s ultra-secure scalable institutional-grade solution for custody and settlement, and this deal highlights a further consolidation of our reputation as the institutional platform of choice.

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, commented:

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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