Standard Chartered, one of the biggest banks in the United Kingdom has partnered with Northern Trust to launch an institutional-grade custody for cryptocurrencies.
Based off the announcement, SC Ventures which is the innovation arm of Standard Chartered and Northern Trust, a United States based leading provider of asset servicing, have entered into an agreement to launch an institutional-grade custody for cryptocurrencies called Zodia Custody.
Zodia is subject to register with the UK Financial Conduct Authority (FCA) and is expected to begin operations in London in 2021. The crypto custody is designed to enable institutions to invest in cryptocurrency assets which presently represents 0.3% of the world’s currency and bank deposits.
When launched, Zodia will provide institutional-grade custody services for Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash which are the most traded cryptocurrency assets on crypto exchanges.
Maxime De Guillebon, CEO of Zodia, said:
Zodia was established to address the need for a cryptocurrency custodian that truly understands custody. We combine the risk management, compliance, governance and security approach of a regulated financial institution with the cutting-edge innovation of crypto asset and key management technologies. By doing so, we enable operational efficiency and speed of transaction without compromising on security or reliability.
Zodia Custody is expected to apply standards that are equivalent to the custody of traditional securities and the institutional-grade crypto custody is in the process of registering with the UK Financial Conduct Authority (FCA) under UK Money Laundering Regulations.