Clear Junction has confirmed the launch of a new escrow accounts solution, which caters to both digital currencies and fiat.
Acting as a DVP (delivery versus payment) protection, the offering will place a key focus on protection as the digital currency space navigates a period of turbulence.
It comes off the back of recent headlines surrounding FTX and other digital currency exchanges that have led to increased nervousness surrounding digital assets and exchanges.
In collaboration with Finery Markets, the firm has outlined its goal to provide peace of mind for consumers in the space.
“In light of the problems we have seen with FTX and other crypto exchanges, people and businesses are understandably concerned about whether their funds are safe,” stated Dima Kats, Chief Executive of Clear Junction.
“With our new escrow accounts solution, we have used a financial product that has existed for centuries and applied it to a sector that has been around for a little over a decade or so. By doing this, we help to build and restore trust in digital currency transactions and ensure that the settlement risk is eliminated.”
With the new escrow accounts solution, Clear Junction acts as a settlement agent and provides a fundamental financial service that ensures each entity involved in a fiat/crypto transaction gets what they have agreed to.
What’s more, Finery Markets has become the first digital asset marketplace to utilise the escrow accounts solution for its participants – Clear Junction provides them with the payment rails they need to safely settle the fiat part of the trades.
“As a non-custodial venue, Finery Markets enables peer-to-peer trading among its participants. In the post-FTX world it is extremely important to deliver advanced clearing, settlement and risk management tools that mitigate counterparty risks,” says Konstantin Shulga, CEO of FineryMarkets.
“We are proud to partner with Clear Junction, an established player in the payment industry, in order to bring one of the first DVP solutions to our clients and partners.”
The escrow accounts solution is open to Clear Junction clients and is designed for use by crypto exchanges who want to provide their clients with an additional layer of security.
