Standard Chartered Bank Offers Institutional Custody For Bitcoin.

Standard Chartered Bank Offers Institutional Custody For Bitcoin.

2020-12-09 | Selina Mathew

Standard Chartered Bank Offers Institutional Custody For Bitcoin.

United States leading bank, Standard Chartered, has officially announced plans to offer institutional custody for the leading cryptocurrencies like Bitcoin [BTC].

In line with an official announcement, Standard Chartered’s innovation arm SC Ventures has collaborated with U.S-based investment management firm Northern Trust to launch cryptocurrency custodian for the institutional investors.

Referred “Zodia,” Standard Chartered’s crypto custody platform is subject to registration with the U.K. FCA [Financial Conduct Authority], and is predicted to initiate operations in London later in 2021. The platform is now within the process of registering with the FCA under U.K. money laundering regulations and will apply standards like the custody of traditional securities.

Zodia will initially support Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC], and Bitcoin Cash [BCH] as they account for “approximately 80% of the entire assets” in crypto, the announcement adds.

Alex Manson, an executive at SC Ventures, explained that the launch of Zodia custody demonstrates Standard Chartered’s commitment to “rewiring the DNA in banking.”

Manson earlier revealed Standard Chartered’s plans to create a cryptocurrency custody solution earlier in July 2020. The news coincided with the company’s participation within a $17 Mln Series A funding round in Swiss digital asset custody startup Metaco.

Standard Chartered is additionally actively involved in blockchain-based ventures. Earlier on 7th Dec., Standard Chartered completed a proof-of-concept implementing blockchain technology for bond tokenization in collaboration with the Union Bank of the Philippines. Earlier in Sept this year, the bank successfully completed a cross-bank letter of credit transaction between Vietnam and Thailand using blockchain technology.

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