OKX Partners With Komainu To Enable Customers To Conduct Secure 24/7 Trading

Key Points:

• OKX has selected the crypto custodian Komainu as the custodian, allowing institutional users to keep their cryptocurrencies in Komainu while using these funds to trade on the exchange.
• According to reports, Komainu is a cryptocurrency custody firm founded by Nomura Securities, Ledger, and CoinShares.
• It announced in April that it would provide institutions with compliant mortgage products.

OKX, the world’s second-biggest cryptocurrency exchange by trading volume, has partnered with digital asset storage startup Komainu, enabling institutional customers to retain their crypto in the Nomura-backed custodian while trading on the exchange.

By eliminating the requirement to maintain collateral with trade counterparties and instead providing the option to retain assets in secure custody, Komainu Connect, which will be available in April 2023, decreases customer counterparty risk.

OKX is the first client to employ Komainu Connect, a regulated settlement and custody solution for institutional clients that provides 24/7 trading using a combination of cold storage, multiparty computation (MPC), and hardware security modules (HSMs).

CEO of Komainu Nicolas Bertrand stated:

“This strategic partnership marks a milestone in our mission to provide secure and compliant digital asset custody solutions. OKX’s reputation as a leading cryptocurrency exchange, combined with our expertise in institutional-grade custody services, is paving the way for a new era of trust and innovation in the industry.”

It is reported that Komainu is a cryptocurrency custody company jointly established by Nomura Securities, Ledger and CoinShares. It was founded in 2018 to offer institutions a safe and compliant custody solution for investments in digital assets. Komainu was launched in June 2020 and presently holds assets for exchanges, financial institutions, asset managers, companies, and government entities.

The off-exchange settlement and tripartite mirroring solution is a major advancement for large-scale institutional crypto traders who want fast access to OKX’s market-leading portfolio margin account mode and liquid markets.

This collaboration exemplifies how vertically integrated crypto exchanges might begin to resemble conventional finance by isolating activities via third-party custodians in an effort to prevent another FTX catastrophe.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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