Marathon Digital Partners with Zodia Custody to Safeguard Crypto Holdings
Marathon Digital Partners with Zodia Custody to Safeguard Crypto Holdings
In a strategic move to enhance the security of its crypto holdings, Marathon Digital has selected Zodia Custody, a digital asset custodian backed by Standard Chartered. The partnership aims to provide secure, institutional-grade custody solutions for Marathon’s crypto assets located outside the United States.
The increasing need for secure storage solutions for digital assets has led many crypto companies to seek out specialized custodians like Zodia Custody. These custodians offer advanced security measures such as multi-signature wallets and cold storage to protect assets from theft, loss, or misuse.
By choosing Zodia Custody as its fourth custodian, Marathon is further diversifying its risk management strategy. This partnership will provide additional assurances, including secure cold wallet storage accessible 24/7 and protection against custodian insolvency.
Julian Sawyer, CEO of Zodia Custody, expressed confidence in the partnership, stating, “As Marathon’s fourth custodian, we bring in greater diversification and risk management – exactly what the ecosystem needs.”
Marathon Digital already works with custodians like Anchorage Digital and Fidelity Digital to secure its Bitcoin treasury. By spreading its assets across multiple custodians, the company aims to enhance security and risk management.
Zodia Custody, incubated by Standard Chartered and Northern Trust, combines the experience of established financial institutions with 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.
In a related development, Marathon Digital CEO Fred Thiel recently warned of financial strain for smaller Bitcoin miners following a halving event. Thiel highlighted the challenges faced by smaller miners in securing funding, while larger miners have been able to consolidate their positions in the industry.
“Post halving, I think you’ll see the smaller miners come under financial stress, which will enable the bigger miners to consolidate the industry,” Thiel said in a statement to CNBC.
Overall, Marathon Digital’s partnership with Zodia Custody underscores the company’s commitment to enhancing the security and management of its crypto assets in an increasingly complex digital landscape.
