ZEDRA launches Bitcoin purchase and sale service
ZEDRA, the rapidly expanding global specialist in trust, corporate and fund services has launched an end-to-end solution for the purchase and sale of Bitcoin through an escrow agreement.
ZEDRA has secured the services of a globally recognised US investment bank to hold the buyer’s fiat cash within its AAA rated money market funds.
ZEDRA has also partnered with digital custodians Vo1t, trading and settlement specialists BCB and blockchain specialists Constellation Group to provide all the components needed by clients wishing to trade digital assets.
ZEDRA is forecasting interest both from within its own client base worldwide, as well as from those within its existing introducer networks, meaning regulatory vetting will already have taken place. According to CNBC, Japan leads the way in Bitcoin trades, accounting for around 50 per cent of global activity, but China is potentially an important market too. The vast majority of trades take place as a result of US dollar and Japanese Yen sales.
Business development director John Hunter says: “The buyer’s fiat cash and the seller’s bitcoin will be held to the order of ZEDRA and governed by an innovative tri-partite escrow agreement containing the terms of the transaction. Following proof of funds and verification of the bitcoin and satisfaction of the terms of the arrangement, the transaction concludes. The bitcoin is then transferred to the buyer and this can either be via internet connected hot wallets, or it can be transferred utilising Vo1t’s HSM cold storage custody platform.”
ZEDRA recently announced that Corsair Capital LLC has taken a majority investment in the company, subject to regulatory approval. The group recently completed the acquisition of Interben Trustees in a move designed to significantly enhance its international pension and employee benefits portfolio.