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.
Dec 9, 2020 at 12:57 p.m. UTCUpdated Aug 19, 2021 at 6:02 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/SA23ZOJNKBDRNFNVXEVT4RYBXQ.jpg)
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.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)