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Ripple’s Key Partner GSR Joins Forces with Standard Custody for Crypto Security

  • GSR, a prominent Ripple partner, has struck a new partnership with Standard Custody & Trust Company.
  • The partnership seeks to provide secure settlement and escrow services to its client base. 

GSR Markets Limited (“GSR”), a leading digital asset liquidity provider and trading firm, which is also a Ripple partner, has struck a huge collaboration.

The platform will be teaming up with Standard Custody & Trust Company, LLC (“Standard Custody”), a New York Department of Financial Services regulated limited purpose trust company and qualified custodian, to support its escrow services.

GSR currently boasts of ten years’ worth of experience, in the crypto market, as a prominent market maker, investment advisor, and active multi-stage investor.

Additionally, GSR also prioritizes the sourcing and provision of spot and non-linear liquidity in digital assets for a handful of market players and institutions, including token issuers, institutional investors, miners, and leading cryptocurrency exchanges.

According to the official announcement from Standard Custody, its clients will benefit significantly from its collaboration with GSR, which allows them to access seamless and secure escrow solutions. Standard Custody wrote in its official announcement;

As a trusted and established qualified custodian, Standard Custody understands the importance of safeguarding client assets. Standard Custody has created a seamless and secure escrow solution that clients are leveraging through its collaboration with GSR and other best-in-class trading firms.

Notably, the solution seeks to reduce counterparty risk by carefully separating collateral from trading partners, which is later moved into an escrow with a bankruptcy remote and a regulated qualified custodian. Additionally, instant and secure settlement of digital assets is also enabled in the process.

CEO of GSR and Standard Custody speaks on the goal of the partnership

Jack McDonald, the CEO of Standard Custody expresses excitement and satisfaction with the recent collaboration. McDonald went on to explain that its firm is pleased to be offering solutions that reduce risk.

Speaking on the relevance of the partnership with GSR, the CEO of Standard Custody added that clients can confidently access liquidity with a leading provider, while also reducing credit and settlement risks, thanks to an industry leader like GSR.

Rich Rosenblum, the co-founder and President of GSR also laid out his thoughts on the new partnerships. He explained that the partnership will help to strengthen the market’s confidence, amongst other things. Rich Rosenblum asserted.;

We believe this relationship with Standard Custody will be a crucial step in the settlement and mitigation of counterparty credit exposure, further elevating standards for reliability and efficiency, and restoring market confidence. This type of innovation secures the existing marketplace while encouraging further institutional adoption in the space.

This is not the first time that GSR has struck a partnership that seeks to advance specific sectors in the finance industry. Notably, the Ripple partner struck a partnership with Chainlink back in 2022.

The partnership was centered around the contribution of price data to decentralized oracle networks (DONs), to be utilized within decentralized finance (DeFi) and smart contract applications.

Related: Transforming Crypto Custody: Ripple’s Acquisition Of Metaco

 

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