Financial services giant Standard Chartered is preparing to launch an institutional-grade cryptocurrency custody platform.
The British international bank will work with Northern Trust in Chicago 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 is trying to meet the growing institutional requirements for exposure to cryptocurrency assets.
The project hopes to take advantage of traditional banking and innovative fintech structures to assist customers wishing to explore 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 rewire 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 raising industry standards for digital assets in a sustainable, safe and responsible manner. “
If Zodia successfully registers with the UK Financial Conduct Authority (FCA), the agreement states that the company will begin operations in 2021.
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