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Standard Custody and GSR Form Alliance for Secure Digital Asset Settlement

Standard Custody & Trust Company, LLC has partnered with GSR Markets Limited, aiming at enhancing the security and efficiency of digital asset transactions. Standard Custody, regulated by the New York Department of Financial Services, brings its expertise as a qualified custodian to the table. GSR, with a decade of experience in digital asset liquidity, complements this by offering robust trading solutions.

The partnership introduces an innovative escrow solution to mitigate counterparty risk, a growing concern in the digital asset market. By separating collateral from trading partners and placing it in a secure escrow account, the collaboration aims to enable instant and secure asset settlement. “The alliance significantly reduces credit and settlement risk for clients,” said Jack McDonald, CEO of Standard Custody.

Rich Rosenblum, Co-Founder and President of GSR, added that the partnership would play a crucial role in elevating market standards. “This innovation not only secures the existing marketplace but also encourages further institutional adoption of digital assets,” he noted.

Standard Custody, a subsidiary of PolySign, Inc., offers a platform with end-to-end encryption and distributed trust protocols for securing secret keys. GSR, on the other hand, is deeply embedded in every major sector of the cryptocurrency ecosystem, providing liquidity for a range of stakeholders, including token issuers and institutional investors.

DWF Labs' Andrei Grachev Fires Back at GSR Cristian Gil

Key Takeaways

Andrei Grachev, head of DWF Labs, and Cristian Gil of GSR.io engage in a public Twitter feud.

The exchange has led to discussions about the state of the crypto market and the role of market makers.

A Twitter user suggests a “Crypto Fight Night” where the loser quits the crypto markets.

The Twitter War

On September 21, 2023, a Twitter feud erupted between Andrei Grachev, the head of DWF Labs, and Cristian Gil of GSR.io. Grachev responded to Gil’s tweet, which criticized his presence on a panel discussion involving GSR.io, OKX, and Wintermute. “I never thought that you could be THAT scared of us. Yeah, we are stronger than you in terms of tech, trading, BD and everything,” Grachev tweeted.

Market Makers and Market Cycles

The exchange drew attention from other Twitter users, including Delta (@deltaxbt), who questioned what this “beef” among market makers indicates about the current stage of the crypto market cycle. Market makers play a crucial role in providing liquidity and facilitating trades in the crypto market, and their public disagreements could signal underlying tensions or shifts in the industry.

The “Crypto Fight Night” Proposition

In a surprising twist, a Twitter user named Mohammad (@Abu9ala7) proposed a “Crypto Fight Night” where Grachev and Gil would face off, and the loser would have to exit the crypto markets. The idea gained traction, with some users suggesting that such an event could set a “historical crypto bottom” before the next market run.

GSR Secures Major Payment Institution Licence from Singapore's MAS

GSR Markets Pte. Ltd., the Singaporean subsidiary of global cryptocurrency trading firm GSR, has received In-Principle Approval for a Major Payment Institution licence from the Monetary Authority of Singapore (MAS). Announced on October 2, 2023, this regulatory milestone is a significant advancement in GSR’s journey to become a fully licensed entity. The approval allows GSR to better serve the cryptocurrency community in both Singapore and the broader Asia-Pacific region, reinforcing its commitment to compliance and governance in the rapidly evolving digital asset space.

The In-Principle Approval for GSR comes just a day after Coinbase Singapore revealed that it had secured a full Major Payment Institution licence from MAS. This follows earlier announcements from Circle, Blockchain.com, and Crypto.com, who also obtained MPI licenses earlier this year. The series of approvals from MAS highlights the competitive yet regulated landscape of the cryptocurrency market in Singapore, a jurisdiction that is increasingly becoming a hotspot for blockchain and crypto enterprises.

Jakob Palmstierna, CEO of the GSR Group, expressed his gratitude towards MAS for their constructive oversight. He stated, “We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of.” Xin Song, the Group’s COO, echoed this sentiment, emphasizing that the In-Principle Approval enables GSR to “deepen our local client partnerships, and continue in our critical role as a liquidity provider within the ecosystem.”

Singapore has been making strides in establishing itself as a significant player in the crypto and Web3 space. According to recent surveys, 25% of Singaporeans view cryptocurrency as the future of finance, and 32% are either current or past crypto owners. Furthermore, the city-state is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy. GSR aims to capitalize on this burgeoning ecosystem by leveraging Singapore as a strategic hub for its Asia-Pacific operations.

The In-Principle Approval is more than just a regulatory milestone for GSR; it’s a testament to the firm’s commitment to adhering to high standards of compliance and governance. As GSR works diligently towards obtaining a full licence, it plans to expand its suite of services and deepen its relationships with institutional clients in the region. The firm remains committed to playing a critical role as a liquidity provider and aims to contribute meaningfully to Singapore’s growing digital asset ecosystem.