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Standard Chartered Bank Launches Crypto Custody Service

Standard Chartered Bank Launches Crypto Custody Service
  • Standard Chartered Bank’s subsidiary SC Ventures has partnered with Northern Trust to launch a crypto custody called Zodia.
  • Institutional investors will now get the chance to invest in cryptocurrencies that are gradually changing the fintech market.
  • According to the UK Financial Conduct Authority, Zodia custody will function starting from 2021 in London.

Standard Chartered Bank’s subsidiary SC Ventures has partnered with Northern Trust to launch a crypto custody service called Zodia. This will function as a custody platform for institutional clients.

Zodia will offer blockchain-based services for institutions to invest in popular cryptocurrencies that are changing the financial market.

Meanwhile, SC Ventures and Northern Trust’s partnership agreement is subject to the UK Financial Conduct Authority (FCA). According to the UK authority, Zodia custody will operate effectively in 2021 specifically in London.

Zodia will combine bank expertise and traditional custody principles to offer financial needs for institutional investors.

SC Ventures CEO Alex Manson said,

The launch of Zodia demonstrates our comment to rewiring the DNA in banking. Drawing on Standard Chartered’s heritage of providing custody services to institutional clients for 160 years, Zodia’s mission is to be a ‘force for good’ by lifting industry standards for digital assets in a sustainable, safe and responsible way.

Subsequently, both parties remarked that Zodia will initially focus on offering popular cryptocurrencies Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash. These digital assets are enlisted based on their demand by clients.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.