Published
3 years ago on
December 13, 2020
Quick take
1 minute read
- Standard Chartered just recently announced official plans to provide institutional custodies for some of the biggest crypto assets in the world such as bitcoin.
- In an announcement, SC ventures revealed that it had started a collaboration with Northern trust, to help launch a custodian for crypto with institutional investors in mind.
As one of the largest banking institutions in the United Kingdom, Standard Chartered just recently announced official plans to provide institutional custodies for some of the biggest crypto assets in the world such as bitcoin.
In an announcement on the 9th of December, the innovation arm of the bank, SC ventures revealed that it had started a collaboration with Northern Trust, an investment management company based in the US to help launch a custodian for crypto with institutional investors in mind.
The crypto custody platform has been dubbed “Zodia“. It is subject to registration with the financial conduct authority in the United Kingdom but it is expected to launch in London next year.
At first, currencies like bitcoin and ethereum will be supported because they make up 80% of the “total assets”.
An executive at the Standard Chartered subsidiary, Alex Manson has highlighted that the launch of this platform demonstrates the bank's commitment to moving forward and adapting to an ever-changing industry.
It will be interesting to see how this project works out but it will definitely be an exciting journey to see grow.
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