In a significant move for the digital asset industry, Cobo, a leading global digital asset custody solutions provider, has announced a strategic partnership with Legend Trading, a well-known regulated cryptocurrency trading firm based in the United States. This collaboration integrates Legend Trading's over-the-counter (OTC) services directly into the Cobo platform, offering users seamless access to competitive pricing and deep liquidity for fiat-to-crypto transactions.
Key Features of the Partnership
Streamlined Account Setup and Trading
Through this integration, Cobo clients can now open accounts, complete Know Your Customer (KYC) procedures, and execute trades entirely within the Cobo platform’s secure environment. This eliminates traditional barriers, providing a smooth and efficient trading experience.
Competitive Pricing and Broad Currency Support
Legend Trading brings a robust liquidity pool for cryptocurrencies worldwide, ensuring that institutional clients receive optimal pricing. The service supports over 40 fiat currencies, including major options like the US Dollar, Euro, British Pound, Swiss Franc, Japanese Yen, and Canadian Dollar.
Flexible Payment Methods
To accommodate global users, Legend Trading integrates with widely-used payment systems such as SWIFT, Wire Transfer, SEPA, and Faster Payments. This diversity allows users from different regions to transact with ease and convenience.
Enhanced Security and Compliance
Both companies emphasize regulatory compliance and security. Legend Trading’s built-in “KYC Connect” feature simplifies the onboarding process while maintaining rigorous compliance standards. Cobo’s custody solutions add an extra layer of security for asset management.
Benefits for Institutional Users
This partnership is particularly advantageous for institutional investors and enterprises seeking reliable OTC services. By combining Cobo’s secure custody infrastructure with Legend Trading’s liquidity and trading expertise, users gain access to a comprehensive suite of services for managing digital assets.
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The collaboration also offers preferential transaction fees, making it more cost-effective for high-volume traders to execute large orders without significantly impacting the market.
Industry Perspectives
Hao Chen, CEO and Co-Founder of Legend Trading, commented on the partnership:
“Working with Cobo allows us to provide a secure, seamless, and reliable platform for the community to manage their digital assets. This represents a major step forward for the cryptocurrency ecosystem.”
Dr. Changhao Jiang, Co-Founder and CTO of Cobo, added:
“We are excited to join forces with Legend Trading to offer added value to our clients. Leveraging our expertise and resources, we can deliver a one-stop solution for institutional users to manage crypto assets effortlessly.”
Frequently Asked Questions
What is OTC trading in cryptocurrency?
OTC trading refers to the process of buying or selling cryptocurrencies directly between two parties, away from public exchanges. It is often used for large transactions to avoid market slippage and maintain privacy.
How does the integration benefit Cobo users?
Cobo users can now access Legend Trading’s OTC services without leaving the Cobo platform. This means streamlined KYC, account management, and trading with competitive liquidity and pricing.
Which currencies are supported by Legend Trading?
Legend Trading supports over 40 fiat currencies, including USD, EUR, GBP, CHF, JPY, and CAD, along with major payment networks like SWIFT and SEPA.
Is this service available to individual users or only institutions?
While the focus is on institutional clients, eligible individual users may also access these services depending on their jurisdiction and compliance with KYC requirements.
What security measures are in place?
Cobo employs institutional-grade security, including SOC 2 compliance, multi-party computation (MPC), and hardware security modules (HSM). Legend Trading adheres to strict regulatory standards in the U.S.
Can users access DeFi or other Web3 services through this partnership?
While the current collaboration focuses on OTC trading, Cobo offers additional products like Argus for DeFi access, which may be integrated in the future.
Note: This article is for informational purposes only and does not constitute financial or investment advice.