Zodia Markets collaborates with Fireblocks to transform cross-border payments

14 March 2024, London, United Kingdom – Zodia Markets, a UK-headquartered institutional crypto trading business backed by Standard Chartered, and Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on blockchain, have today announced a strategic collaboration to address correspondent banking challenges and improve efficiency by enabling value transfer utilising the…

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14 March 2024, London, United Kingdom – Zodia Markets, a UK-headquartered institutional crypto trading business backed by Standard Chartered, and Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on blockchain, have today announced a strategic collaboration to address correspondent banking challenges and improve efficiency by enabling value transfer utilising the power of digital assets.

“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 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.”

Recognising the need for change, Zodia Markets is working with Fireblocks to deliver a pioneering solution that leverages Zodia Markets’ efficient multi-currency digital asset execution, and the Fireblocks’ Network, an enterprise-grade platform for rapid digital asset transactions and dynamic payment workflows enabling clients to transfer funds more quickly than traditional fiat methods. This integration will streamline Zodia Markets’ electronic execution and settlement for clients, providing a more comprehensive cross-border value transfer offering.

Richard Astle, 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.”

Philpott emphasised, “Ultimately, this collaboration places control of cross-border payments squarely in the hands of corporate treasurers and CFOs. At a time when the world feels like it is fragmenting, moving cross-border payments to the internet may help bring it back together. We are proud to work with Fireblocks to drive this forward.”

Interested in what this integration can mean for you? Contact us.

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