Key Updates:

• After suffering a $1.45 billion hack six weeks ago, Bybit has collaborated with Zodia Custody to enhance its asset security for institutional clients.
• The breach that occurred in February stands as the largest hack of a crypto exchange recorded to date, with nearly $1.5 billion in digital assets stolen.
• Such breaches severely impact the growth of institutional interest in digital assets, highlighting the urgent need for robust custody solutions akin to traditional finance standards.

Details of the Partnership:

Zodia, backed by major traditional finance companies like Standard Chartered, provides segregated custody and off-venue settlement services, allowing users to trade on Bybit while keeping their assets secure with Zodia, thereby reducing risk exposure on exchanges.

Julian Sawyer, CEO of Zodia Custody, stated: “custody and settlement built for institutions, not retrofitted for crypto,” emphasizing the tailored approach for institutional needs.