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Marathon Digital Partners with Zodia Custody for Crypto Security
Marathon Digital has chosen Zodia Custody, a digital asset custodian backed by Standard Chartered, to ensure the safety of its cryptocurrency holdings. Zodia Custody will provide secure, institutional-grade custody solutions for Marathon’s crypto assets located outside the United States.
The Importance of Crypto Custodians
The increasing need for secure and reliable storage of digital assets has led many crypto companies to partner with specialized custodians. These institutions offer comprehensive solutions that protect assets from theft, loss, or misuse.
- Advanced Security Measures: Crypto custodians implement advanced security measures such as multi-signature wallets that require multiple approvals for transactions.
- Cold Storage: They utilize cold storage to keep the majority of assets offline, away from online threats like hackers.
Zodia Custody Strengthens Marathon’s Security Strategy
By selecting Zodia Custody as its fourth custodian, Marathon is enhancing its risk management strategy. This partnership provides additional security measures, including secure cold wallet storage accessible 24/7 and protection against custodian insolvency.
Julian Sawyer, CEO of Zodia Custody, emphasized the importance of diversification and risk management in the ecosystem. Marathon already works with Anchorage Digital, Fidelity Digital, and another unnamed provider to spread its Bitcoin treasury across multiple custodians for enhanced security.
Zodia Custody’s Vision and Services
Zodia Custody, incubated by Standard Chartered and Northern Trust, aims to lead the digital asset custody industry by leveraging the experience of established financial institutions and the flexibility of a startup. The company offers secure wallets for institutions to trade digital assets and services to help clients earn rewards on their holdings.
Marathon Digital CEO’s Warning to Smaller Miners
Marathon Digital CEO Fred Thiel recently warned about financial challenges facing smaller Bitcoin miners post-halving. Thiel highlighted the uneven playing field in the mining industry, where larger miners have better access to funding compared to smaller ones.
According to Thiel, the financial strain on smaller miners post-halving may lead to industry consolidation, favoring larger players. This situation could potentially reshape the mining landscape in the near future.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
