Digital asset investment firm Algoz has announced a strategic collaboration with regulated market maker and top over-the-counter desk Wincent.

Algoz shared details of the new partnership via a press release sent to crypto.news on Oct. 30. This announcement follows Algoz’s recent collaboration with Standard Chartered-backed Zodia Custody.

According to the announcement, Algoz will leverage its partnership with Wincent to facilitate the onboarding of new investors. Through this collaboration, investors such as family offices seeking to enter the crypto market via Algoz will not need to convert fiat currencies to crypto beforehand, as is typical across many providers in the industry.

Wincent offers the solution to this hurdle. Algoz users can now invest using Tether (USDT) Bitcoin (BTC) and Ethereum (ETH) and other cryptocurrencies using U.S. dollars, euros, or other fiat currencies. The partnership allows Algoz clients to directly swap fiat for crypto, reducing risks associated with exposure to unregulated providers.

Algoz noted that its collaboration with Wincent supports asset conversion based on already approved know-your-customer and anti-money laundering checks. These regulatory requirements are critical components of global crypto regulation, with various industry players viewing them as essential to the growth of the crypto market.

With regulatory clarity pivotal to the industry, many players are implementing measures to ensure safe on- and off-ramping of customers. Regulated platforms like Wincent and institutional-backed providers like Zodia Custody contribute to this approach.

The platform’s off-exchange settlement solution, Quant Pro, plays a central role in the partnership.

For Algoz, the solution, Zodia’s custody wallet, and Wincent’s know-your-customer and anti-money laundering integration add a layer of protection for users.

 “The creation of Quant Pro, our off-exchange settlement system, using Zodia was the first breakthrough for investors as we were able to significantly mitigate exchange and management counterparty risk.”

Stephen Wundke, director of strategy and revenue at Algoz.

Wincent’s regulated market records between $3 and $5 billion in daily volume, with over 300,000 daily transactions.

Crypto exchange WazirX is searching for a new custodian that can offer insurance for user funds, aiming to enhance security and minimize risk.

Indian cryptocurrency exchange WazirX is actively seeking a new custodian partner that can provide insurance for user funds, aiming to bolster security as it works to restructure operations following a major cyberattack in July.

In a blog post on Oct. 24, the exchange said it is trying to find a “custody provider who can offer insurance for the funds so that loss is minimized, even in worst-case scenarios.”

“While security is paramount, in this dynamic and new world of crypto, insurance will start playing an even more important role in custody services.”

WazirX

Additionally, WazirX launched a dual proof-of-reserves dashboard, developed in collaboration with CoinGabbar, a research marketplace, enabling users to independently verify wallet addresses and asset balances.

The platform’s efforts to rebuild trust come in the wake of a $235 million cyberattack in July, which prompted WazirX to collaborate with government agencies, including the Financial Intelligence Unit, to investigate the incident. As crypto.news reported earlier, the exchange has been cooperating with authorities, providing transaction trails and server logs to aid the investigation.

WazirX’s parent company, Zettai, has also engaged in discussions with potential partners to enhance user recoveries, exploring options like capital injections and profit-sharing arrangements. WazirX aims to return 52-55% of remaining crypto assets to clients within six months as part of its restructuring efforts, guided by a 10-member committee of creditors.

The Pennsylvania House of Representatives has passed a bill that could impact how digital assets are used within the state.

House Bill 2481, also known as the Bitcoin Rights Bill, was approved with a bipartisan majority of 176 votes to 26, and now heads to the state Senate for further consideration, according to Fox Business.

The bill, introduced by the nonprofit Satoshi Action Fund, establishes legal clarity around cryptocurrency ownership and usage. It allows residents to self-custody their digital assets, meaning they can hold Bitcoin (BTC) and other cryptocurrencies directly without relying on third-party services like exchanges.

Improved Bitcoin use

The bill also permits the use of Bitcoin for payments, which could change the way businesses and individuals conduct transactions using the cryptocurrency.

For those unfamiliar with crypto, self-custody means owning your digital currency directly, giving you full control over your assets. When you use exchanges, you trust them to store and manage your assets, but self-custody puts that responsibility in the hands of the individual.

Bitcoin is a digital currency that operates without a central authority, and this bill would make its use more widely accepted in Pennsylvania.

If passed by the Senate, this legislation could signal a growing acceptance of digital currencies at the state level, while the federal government continues to grapple with crypto regulation.

Pennsylvania’s decision mirrors efforts in other states, such as Oklahoma and Louisiana, which have passed similar laws.