Standard Chartered's fintech investment unit, SC Ventures, and Northern Trust are to launch a U.K.-based cryptocurrency custodian for institutional clients.
- Called Zodia Custody, the new firm is currently pending approval by the U.K.'s Financial Conduct Authority under local money laundering regulations.
- These cryptocurrencies were chosen as they account for around 80% of the total assets traded on major cryptocurrency exchanges, according to a Wednesday announcement.
- "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," said Maxime De Guillebon, Zodia CEO.
- Singapore-based SC Ventures said the launch anticipates greater participation from institutional investors, who so far account for just 9% of crypto asset investments.
- The custody platform will target institutional cryptocurrency holders, as well as family offices and asset managers who want to invest in cryptocurrencies.
- Zodia is expected to begin operating in London in 2021.
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 offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.