New Partnership Offers Crypto Traders FDIC Protection
A new partnership between prime dealer and trading system, SFOX, and M.Y. Safra Bank will offer traders deposit accounts backed by the FDIC; the deal will allow traders to keep funds in their own names and cans also better help identify whose money belongs to whom if an issue arose; FDIC insurance protects the cash leg of a crypto trade and doesn’t apply to the Bitcoin, Ether or other digital assets SFOX users buy on the exchange; “While we may be the first bank to provide these innovative services, we expect that we will be followed by many other banks,” Jacob Safra, chief executive officer of M.Y. Safra Bank, said in an email to American Banker. Source.