Dec 10, 2020
Standard Chartered becomes a partner with Northern Trust to launch the Zodia, which is the cryptocurrency custodian service for institutions.
The increasing demand for cryptocurrencies made other services related to cryptocurrencies necessary. According to the press release, Standard Chartered Ventures, the innovation section of SC, and the Northern Trust will be a partner in the project of Zodia Custody. Zodia service will combine the expertise of the traditional financial system with the innovation of fintech. Institutions will get the chance to invest in cryptocurrencies, which is the emerging market for many companies. Cryptocurrencies change and evolve how traditional works. The innovation it possesses attracts other companies to invest in cryptocurrencies and utilize blockchain technology.
According to the press release, the Zodia Custody will launch in 2021. Zodia Custody will operate under the regulation of the UK Financial Conduct Authority. At the initial stage, Zodia will provide custody for major cryptocurrencies- Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash.
CEO of Zodia, Maxime De Guillebon commented:
“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.”
Northern Trust is one of the innovative institutions that focuses on financial technologies. They are the first company that launched the commercial deployment of blockchain technology for the private equity market. This project is realized with the partnership of IBM. Northern Trust provides services for asset investment and wealth management.
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