Standard Chartered-Backed Zodia Custody Partners with Crypto Lending Firm Maple Finance

Under the agreement, collateral pledged to Maple Finance will be securely held by Zodia Custody

AccessTimeIconJul 9, 2024 at 9:07 a.m. UTC
Updated Jul 9, 2024 at 9:09 a.m. UTC

Zodia Custody, the cryptocurrency safekeeping service backed by Standard Chartered, SBI Holdings, Northern Trust, and National Australia Bank, has partnered with crypto lending specialist Maple Finance, the companies said on Tuesday.

Under the agreement, collateral pledged to Maple Finance will be securely held by Zodia Custody, allowing its customers to unlock value from their digital assets while remaining within the Zodia Custody ecosystem, according to a press release.

  • How Grayscale's 2.5% Fees Could Impact Investor Interest
    11:27
    How Grayscale's 2.5% Fees Could Impact Investor Interest
  • WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
    02:02
    WazirX Hacked for $230M; Mark Cuban, Vitalik Buterin Speak Up on Crypto and Politics
  • Biden Dropout Chances Rise on Polymarket After Covid Diagnosis
    00:59
    Biden Dropout Chances Rise on Polymarket After Covid Diagnosis
  • Crypto Markets Trends as Traders Anticipate Spot Ether ETFs
    09:55
    Crypto Markets Trends as Traders Anticipate Spot Ether ETFs
  • Maple was one of the few crypto lending platforms safe and robust enough to weather the storms of 2022 and the collapse of FTX. It’s now interesting to see a platform like Zodia Custody, with its bank and institutional affiliations, edging closer to crypto lending.

    The move by Zodia builds on its partnership with Singapore-based OpenEden, announced in 2023. Meanwhile, Zodia backer Standard Chartered plans to enter spot trading of crypto in the coming months.

    The Zodia Custody/ Maple Finance integration is targeted to go live by early Q3, the companies said in a statement.

    Edited by Parikshit Mishra.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Ian Allison

    Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.