A strategic partnership between NextPrime, as a known provider of operational and capital efficiency services to institutional participants and Crown Financial Services, as Asia-Pacific financial services group will enable financial institutions and wholesale professionals traders to trade digital assets at cost-effective prices as a means of bringing custodianship, service banking and multi-assets clearing plus settlement solutions to the digital currency world.
This present collaboration, according to the faith of Jeff Bone, Head of Product and a Managing Partner at NextPrime, will help to correct the current inefficient, slow, and archaic market structure since "trading digital assets is the future." He claimed that owing to fragmented collateral which runs across many exchanges, professional traders and institutions are faced with huge costs, capital inefficiencies, and operational risk. There is then a need to address the limited systematic relationships between custodians, service banking, and market participants.
“Our partnership with CFS allows us to solve the problem of custody, which is a critical piece of the puzzle in allowing institutions and investors to securely trade digital assets and cryptocurrencies at volume as efficiently as any other asset class on the market today,” Bone said.
The report also claimed Bone said that crypto "needs to mature in the right way in order to become a first class citizen of the financial world" if it has any chance of "becoming a serious asset class."
“It’s high time that the true potential of crypto be unleashed and benefit the many and not just the few players who are profiting from a fragmented and inefficient environment that keeps crypto anaemic relative to its actual capabilities. We see this partnership as a step in the right direction towards creating a profitable digital asset trading future for all,” said Bone.
Speaking about the partnership, Marvin Yee, Managing Partner at CFS said that the partnership tallies "with their strategy of expanding their services to industries and companies that are not adequately served by the financial markets in a fully transparent and regulated manner."
“We believe that the trading of digital assets as part of a diversified portfolio will present significant wealth opportunities to our clients throughout the region. It is our intention to be a ‘first mover’ and a foundational part of this ecosystem," Yee said.