OKX collaborates with Komainu to provide 24/7 secure trading of segregated assets
OKX collaborates with Komainu to provide 24/7 secure trading of segregated assets
Cryptocurrency exchange OKX has announced a partnership with Komainu, a digital asset storage company.
The partnership will allow institutional users of OKX to store their cryptocurrency in a Nomura-backed custodian and use those funds to trade on the exchange.
The collaboration between the companies demonstrates how vertically integrated crypto exchanges can begin to emulate traditional finance by sharing transactions with third-party custodians to avoid the possibility of another FTX-type collapse, CoinDesk reported.
OKX is the first exchange to use Komainu Connect, a regulated settlement and storage system for institutional clients that offers 24/7 trading with a combination of cold storage, multi-party computation (MPC), and hardware security modules (HSM).
"Funds deposited in a Komainu custody wallet are moved to a Komainu collateral wallet and then linked to an OKX account. The OKX account then mirrors the balance and allows active trading across OKX's 700-plus spot and derivatives markets," said Lennix Lai, Chief Commercial Officer at OKX.
The OKX exchange did not provide data on how many assets will be deposited with Komainu, but Lai said it is a "significant" number that will grow as the firms expand their institutional product offerings.
We previously reported that OKX offers the industry's first BRC-30 token standard.
The OKX exchange launched in 2017 and offers clients more than 100 cryptocurrencies, multiple ways to earn passive income, and plenty of educational material.
