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.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!

[class^="wpforms-"]
[class^="wpforms-"]