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Standard Chartered, Northern Trust to Launch Crypto Custody Service in the UK
Zodia Custody is currently pending approval by the U.K.'s Financial Conduct Authority and is expected to launch in 2021.
Standard Chartered's fintech investment unit, SC Ventures, and Northern Trust are to launch a U.K.-based cryptocurrency custodian for institutional clients.
- Called Zodia Custody, the new firm is currently pending approval by the U.K.'s Financial Conduct Authority under local money laundering regulations.
- Once approved, the new company will provide custody services for bitcoin and ethereum, initially, with litecoin, bitcoin cash and XRP to follow.
- These cryptocurrencies were chosen as they account for around 80% of the total assets traded on major cryptocurrency exchanges, according to a Wednesday announcement.
- "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," said Maxime De Guillebon, Zodia CEO.
- Singapore-based SC Ventures said the launch anticipates greater participation from institutional investors, who so far account for just 9% of crypto asset investments.
- The custody platform will target institutional cryptocurrency holders, as well as family offices and asset managers who want to invest in cryptocurrencies.
- Zodia is expected to begin operating in London in 2021.
See also: Standard Chartered, Philippines Bank Issue $187M Blockchain Bond
STORY CONTINUES BELOW
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
