Bybit Partners with Zodia Custody to Enhance Security for Clients

Cryptocurrency exchange Bybit has partnered with Zodia Custody to enhance security for institutional clients following a $1.45 billion hack six weeks ago. Key points include:

Zodia Custody, backed by major traditional finance firms like Standard Chartered, provides segregated custody and off-venue settlement.
This setup allows users to trade on Bybit while assets are held in Zodia's custody, lowering risks associated with on-exchange trading.
The February attack resulted in the theft of nearly $1.5 billion, marking it as the largest hack of a crypto exchange.
There is a growing need for robust custody services to encourage institutional adoption of digital assets.
Zodia's CEO, Julian Sawyer, emphasized that their services are designed specifically for institutions.