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Marathon Digital Selects Zodia Custody for Crypto Asset Protection
Marathon Digital has chosen Zodia Custody, a digital asset custodian backed by Standard Chartered, to safeguard its cryptocurrency holdings outside the United States. This strategic move aims to enhance the security and protection of Marathon’s digital assets.
The Importance of Crypto Custodians
The increasing need for secure storage solutions for digital assets has led many crypto companies to partner with specialized custodians like Zodia Custody. These custodians offer institutional-grade security measures to protect assets from theft, loss, or misuse.
- Multi-Signature Wallets: Custodians use advanced security features like multi-signature wallets, requiring multiple approvals for transactions.
- Cold Storage: Assets are stored offline to prevent online hacking attempts, ensuring enhanced security.
Zodia Custody Enhances Marathon’s Security Strategy
By adding Zodia Custody as its fourth custodian, Marathon strengthens its risk management approach. This partnership provides additional security measures, such as 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 crypto ecosystem, stating, “As Marathon’s fourth custodian, we bring in greater diversification and risk management – exactly what the ecosystem needs.”
Marathon’s Custodian Strategy for Bitcoin Treasury
Marathon currently works with custodians like Anchorage Digital, Fidelity Digital, and another unnamed provider to spread its Bitcoin treasury across multiple entities. This diversification enhances security and risk management for Marathon’s digital assets.
Zodia Custody: A Leader in Digital Asset Security
Zodia Custody, incubated by Standard Chartered and Northern Trust, combines the experience of established financial institutions with the agility of a startup. The company aims to lead the digital asset custody industry by offering secure wallets for institutional trading and services to help clients maximize their asset holdings.
Marathon CEO’s Warning on Financial Challenges for Small Miners
Marathon Digital CEO Fred Thiel recently cautioned about financial difficulties facing smaller Bitcoin miners post the halving event. Thiel highlighted the disparity in the mining industry, where larger miners have better access to funding compared to smaller players.
Thiel stated, “Post halving, I think you’ll see the smaller miners come under financial stress, which will enable the bigger miners to consolidate the industry.”
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.
