NextPrime and Crown to Enable Financial Institutions to Trade Digital Assets

NextPrime and Crown Financial Services (CFS) teamed up to bring banking services, custodianship and fast, multi-currency clearing and settlement solutions to the digital asset ecosystem worldwide.

"Trading digital assets is the future but the market structure to do that today is slow, inefficient and archaic," says Jeff Bone, Head of Product and a Managing Partner at NextPrime. "Professional traders and institutions have huge costs, operational risk and capital inefficiencies because collateral is fragmented across many exchanges. Systematic relationships between custodians, service banking, and market participants are limited. For the market to mature this must be addressed."

"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," says Bone.

"This partnership is consistent with our strategy of expanding our services to industries and companies that are not adequately served by the financial markets in a fully transparent and regulated manner," says Marvin Yee, Managing Partner at CFS. "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."

"If crypto has any chance of becoming a serious asset class, it needs to mature in the right way in order to become a first class citizen of the financial world," says Bone. "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 anemic 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."