Prime Broker’s Trust Charter Will be First-Ever Cryptocurrency Platform to Provide Clients with Full Range of Investment, Trade Execution, and Custodian Services
SAN FRANCISCO--(BUSINESS WIRE)--SFOX, a digital asset prime dealer that unites liquidity from 30+ global exchanges and OTC desks in one platform to power trading at scale, announced today the state of Wyoming has approved its application for a trust charter, making it the first cryptocurrency firm approved as a Wyoming trust.
The Wyoming chartered trust, doing business as SAFE Trust Company, Inc. (SAFE), will expand SFOX’s jurisdictions and position as a trusted firm to financial institutions worldwide. The company’s commitment to safety, confidence, and reliability is of the utmost importance, and SFOX will now be able to provide a full range of services to institutional clients, private clients, and advisers. Pursuant to the trust charter, which is issued and regulated by the Wyoming Division of Banking, SAFE will serve in a variety of fiduciary roles, including direct trustee, discretionary trustee, trust advisor, and protector.
“The new charter will enable us to provide secure, reliable and efficient investment, trading, and custodian services for a wide range of digital assets, meeting the needs of investors, particularly small-to-mid-sized firms, which until now have had limited access to these investments,” said Akbar Thobhani, CEO of SFOX’s SAFE Trust Company. “Our mission is to provide greater access to a broad range of digital assets in a fashion that is both secure and efficient. Being recognized as the first crypto platform to be approved for this charter is an important milestone for us and will be core to the growth of our offering of custodial and other services.”
SAFE’s charter will permit SFOX to offer a full range of investment services including its digital asset platform for investors seeking to invest in Bitcoin, Ethereum, Solana, Avalanche, and many other cryptocurrencies. Clients will have the ability to store digital assets, built using SAFE’s patented custody model and trade execution.
Wyoming’s enhanced digital asset custody framework provides a legal framework for financial institutions to offer services that are unique to the blockchain space such as staking. This will enable traditional institutions to use digital assets in their daily operations within a regulated framework. SAFE intends to seek authorization by the Wyoming Division of Banking to operate as an independent, regulated, qualified custodian of digital assets under the Investment Advisers Act and Securities and Exchange Commission’s Customer Protection Rule.
Recently, SFOX introduced the trading of derivatives by clearing the first-ever crypto NDF contract on a multi-dealer platform. This milestone established SFOX as the first platform to intermediate between a buyer and a seller in the crypto NDF market as well as the first multi-dealer platform to execute an NDF trade.
Interested parties and potential customers can contact SFOX at ir@sfox.com.
About SFOX
SFOX is a full-service prime dealer uniting liquidity from over 30 exchanges and OTC desks in one easy-to-manage platform. Its smart order router algorithmically routes traders to the most competitive prices worldwide, reducing slippage and improving trade performance across immense scale. SFOX’s platform provides traders with best execution services from a single account, a single counterparty, and a single workflow — giving trades greater capital efficiency.
SFOX is committed to the highest standards of investor protection and reliability. The platform is SOC 2 certified and open 24/7 with 99.99% uptime. Founded in 2014, the company is backed by Social Capital, Digital Currency Group, Khosla Ventures, DHVC, Haystack, Blockchain Capital, Y Combinator, and executives from PayPal and Airbnb. To learn more, visit www.sfox.com.
Contacts
Yalda Rafie
SutherlandGold for SFOX
sfox@sutherlandgold.com