Zodia Markets, a UK-based institutional crypto trading entity backed by Standard Chartered, has joined forces with Fireblocks, an enterprise platform specializing in digital asset operations and blockchain-based innovation. The strategic collaboration, announced today (Thursday), aims to tackle existing challenges in the correspondent banking landscape while enhancing operational efficiency through the utilization of digital assets.

Digital Asset Empowerment: Accelerated Fund Transfers

Recognizing the pressing need for innovation in the field, Zodia Markets and Fireblocks are set to unveil a pioneering solution. This initiative capitalizes on Zodia Markets’ multi-currency digital asset execution capabilities and integrates seamlessly with Fireblocks Network, an enterprise-grade platform designed for swift digital asset transactions and dynamic payment workflows. By harnessing the power of digital assets, clients will now be able to transfer funds with unprecedented speed, surpassing the traditional methods reliant on fiat currencies.

“Cross-border payments between many jurisdictions suffer from slow transaction speeds, limited availability during business hours, high costs and a lack of transparency,” shared Nick Philpott, the Co-Founder of Zodia Markets. “Stablecoins enable value transfer using the internet, granting corporate entities a competitive edge the internet provides to other industries today.”

Efficient Cross-Border Value Transfers

The integration between Zodia Markets and Fireblocks aims to streamline electronic execution and settlement processes for clients, thereby offering a more comprehensive solution for cross-border value transfers. By leveraging Fireblocks' cutting-edge technology alongside Zodia Markets' expertise in digital asset execution, the collaboration is poised to develop the correspondent banking landscape, paving the way for faster and more efficient value transfers across borders.

Richard Astle, the VP Business Lead Fireblocks Network, added: “For some time now, we’ve witnessed a growth in adoption amongst our Network to use stablecoins as a near-instant and cost-effective way to transfer value. As a global enterprise, the expansion to non-USD on/off ramps is also on the rise which makes this collaboration with Zodia Markets not just unique in its value proposition, but also marks the beginning of bringing FX on-chain.”