One of the leading International banking groups, Standard Chartered has taken its first step towards cryptocurrency. Its innovation arm, SC Ventures announced a partnership with Northern Trust to launch an institutional-grade custody solution for cryptocurrencies, called Zodia Custody.
Many banking groups around the world have already ventured into crypto in some form or another. Reports suggest that crypto currently represented 0.3% of the world’s currency and bank deposits. The values are expected to grow with a Compound Annual Growth Rate [CAGR] of 32% from 2019 to 2024.
Zodia will provide institutions to invest in crypto, along with enabling transactions and settlement activities. As per the announcement, Zodia has been scheduled to go live in London by 2021.
According to the CEO of Zodia, Maxime De Guillebon:
Zodia was established to address the need for a cryptocurrency custodian that truly understands custody. 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. By doing so, we enable operational efficiency and speed of transaction without compromising on security or reliability.
When Zodia launches, it is set to provide custody services for digital assets like Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash. These digital assets account for almost 80% of the total assets [~$395 Billion] traded across top cryptocurrency exchanges.
Additionally, Standard Chartered has also invested in Core technology provider Metaco and is collaborating with the Bank of Thailand and the Hong Kong Monetary Authority to explore distributed ledger interoperability for cross-border fund transfers.
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