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.

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.

Komainu, a crypto custodian provider backed by Nomura Group, completed their first acquisition by buying Singaporean rival custodian Propine Holdings.

According to an Oct. 22 Bloomberg report, Japanese Nomura-backed crypto custodian firm Komainu’s Propine purchase is still awaiting approval from the Monetary Authority of Singapore.

Propine Holdings has been operating as a digital asset custodian in Singapore since 2018. In November 2019, Propine was granted a conditional license from the Monetary Authority of Singapore after co-creating MAS’ FinTech Regulatory Sandbox.

Komainu co-Chief Executive Officer Paul Frost-Smith said in an interview with Bloomberg that Komainu’s acquisition of Propine will likely be the first of several more to come. Though, he refused to disclose the exact amount paid by Komainu to buy out Propine.

Frost-Smith added that he expects to close a funding round in the next few weeks for Komainu.

Frost-Smith stated that the Propine acquisition marks the first step towards Komainu’s expansion into other parts of the Asian region. He calls it “an absolutely key factor in building” the business, as buying Propine will provide Komainu a Capital Market Services license from Singapore.

In addition, Frost-Smith stated that Komainu will also apply for a Major Payment Institution license in Singapore, enabling the custody provider to operate in Singapore. He views Singapore as an integral part of Komainu’s future business endeavors as demand from private banks in Singapore for advisory services is on the rise. The same can be said about collateral management services for hedge funds and other asset managers.

Komainu plans to branch out its business into Singapore, Hong Kong and other economies that have set up regulations involving digital assets. Though, Frost-Smith added that Japan will remain the primary focus for Komainu operations as it is Nomura’s home market.

Komainu became Nomura’s first dip into the crypto space back in 2020, when it offered Bitcoin (BTC) and crypto custody services for institutional investors. Initially, Komainu offered Bitcoin, Ethereum (ETH), and other cryptocurrencies with significant market capitalization.