SC Projects, Standard Chartered's Invention, and Ventures Unit to develop a crypto custody service in London in 2021.
The British bank is working with the United States Investment and Money Management Corporation Northern Trust to carry out the project, according to a press release on December 9. A new firm named Zodia Custody, will be introduced simultaneously.
Major Updates
- The agreement stays registered with the United Kingdom Authority for the FCA
- Zodia will introduce BTC, Ether, Ripple(XRP), and Litecoin (LTC) as aa security assets
- The rollout of the custody service is attributed to the growing interest in virtual currency
Standard Chartered observed that just 9 percent of investments in the crypto-assets account for retail investors.
"Digital custody is a breakthrough in developing and supporting the institutional crypto-monkey markets, supported by the know-how and experience of global banks," said Pete Cherecwich, President of Corporate and Institutional Resources for the Northern trust.
Zodia will be able to invest in a variety of cryptocurrencies with the robust ability of institutional wealth owners, family offices and asset managers as the desires of new and creative financial instruments begin to expand," he added.
A shortage of corporate custody facilities has in the past been a roadblock to enterprise Bitcoin acceptance. Now big financial and banks – including Fidelity Investment, JPMorgan, and others – are gathered in a vacuum, delivering different cryptographic services.
Northern Trust was founded in 1889 and had offices in the U.S., Canada, Europe, North, and Asia-Pacific. As of September 30, the custody/administration of Northern Trust properties was $13,1 trillion, and the maintenance of assets amounted to $1,3 trillion.
Standard Chartered is headquartered in 145 countries from London as its headquarters. Bill Winters, CEO of the bank, confirmed this week the "absolutely inevitable" digital currencies.
In which way will the crypto-custody program help investors? Comment your thoughts.
