SFOX, a cryptocurrency prime dealer, has reportedly established a partnership with a New York bank to provide state-insured bank accounts for traders. According to the SFOX, the deal with M.Y. Safra Bank primarily targeted institutional investors and funds. Since 2014, the SFOX has been active in the trading field and counts business like Blockchain.com and tZero, an Overstock subsidiary among its clients. The collaboration with Safra will provide access to SFOX traders to insurance through the U.S. government’s Federal Deposit Insurance Corporation (FDIC) worth up to $250,000.
In a statement, SFOX CEO Akbar Thobhani stated that “SFOX’s partnership with M.Y. Safra Bank represents another step forward in our mission to provide our clients with the best place to trade crypto assets. He further added that “M.Y. Safra’s Bank proven track record of providing custom banking solutions to institutions and HNWIs made them the ideal choice for taking SFOX trading one step closer to the goal of a truly frictionless and reliable trade experience across all crypto assets.” In the cryptocurrency space, institutional interest is showing signs of major expansion this month, according to a report.
As part of the announcement, SFOX claims that the new facility with M.Y. Safra will cut down the time of trade transactions and amplify efficiency. In this regard, CEO of M.Y. Safra Bank, Jacob M. Safra believes the move puts the bank at the forefront of financial innovation while keeping an eye on security. Based in the Greater Los Angeles Area, SFOX is a cryptocurrency prime dealer and offers professional traders and institutional investors higher returns when trading large volumes through smart routing and a globally integrated order book.