M.Y. Safra Bank will provide FDIC insurance to traders in a move organizers say will further reduce counterparty risk.
Institutional cryptocurrency prime dealer SFOX has partnered with a New York bank to offer state-insured bank accounts for traders, the company confirmed in a blog post on May 14.SFOX, which says the move is an industry first, stated the deal with M.Y. Safra Bank primarily targeted institutional investors and funds.The company has been active in the trading space since 2014, and counts businesses such as Blockchain.com and Overstock
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