Today Standard Chartered Bank’s SC Ventures and Northern Trust announced their partnership to launch a cryptocurrency custodian solution, Zodia Custody. The offering is expected to launch in London next year, subject to registration with the UK Financial Conduct Authority.
Zodia will allow financial institutions to invest in cryptocurrency assets, initially providing services for only the most traded cryptocurrencies. The solution aims to combine custodial principles, banking expertise and the flexibility of a fintech. Together they hope Zodia will establish Standard Chartered and Northern Trust as digital-asset infrastructure leaders.
“The introduction of digital custody backed by the know-how and experience of global banks is a breakthrough in the evolution and support of institutional cryptocurrency markets,” said Pete Cherecwich, President of Northern Trusts’ Corporate and Institutional Services. “Zodia’s robust capabilities will make it possible for institutional asset owners, family office, and asset managers to invest in a range of cryptocurrencies as interest continues to grow in these emerging and innovative financial instruments.”
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