Financial services giant Standard Chartered is preparing to launch an institutional-grade cryptocurrency custody platform.
The British multinational bank will work with Chicago-based Northern Trust to launch Zodia Custody, a cryptocurrency custodian solution that will facilitate institutional investments into Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC) and Bitcoin Cash (BCH).
Zodia seeks to meet the growing institutional demands for exposure to cryptocurrency assets.
The project hopes to take advantage of both traditional banking structures and cutting edge fintech to assist customers who wish to delve into the crypto sector.
According to Alex Manson of Standard Chartered (SC), the partnership will ensure that SC and Northern Trust are ready to meet that shift in digital banking.
“The launch of Zodia demonstrates our commitment 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.”
If Zodia successfully registers with the UK Financial Conduct Authority (FCA), the agreement states that the firm is set to begin work in 2021.
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