The major UK financial institution Standard Chartered has partnered with Northern Trust on the launch of their mutual cryptocurrency-related project Zodia.
Launching a Cryptocurrency Custody Business for Institutional Investors
According to an official press release, the innovation and ventures unit of Standard Chartered, SC Ventures, has formed a partnership with Northern Trust – a Chicago-based financial services company and one of the oldest and largest banking institutions in the United States.
The new joint-venture is to launch the so-called Zodia Custody – a custody solution for cryptocurrencies on an institutional level. Expectations are that the project will start operations in 2021, and it’s pending registration with the U.K. Financial Conduct Authority and other regulatory conditions.
In its initial phase, Zodia will provide custody services for some of the primary cryptocurrency assets traded on major digital-asset exchanges, such as Bitcoin and Ethereum. The list will include XRP, Litecoin, and Bitcoin Cash as well.
According to Maxime De Guillebon, CEO of Zodia, the project combines the risk management, compliance, governance, and security approach of a regulated financial institution with the innovative nature of crypto assets and key management technologies.
“The launch of Zodia demonstrates our commitment to rewiring the DNA in banking. Drawing on Standard Chartered’s heritage of providing custody services to institutional clients for 160 years, Zodia’s mission is to be a ‘force for good’ by lifting industry standards for digital assets in a sustainable, safe and responsible way”, said Alex Manson of SC Ventures.
Standard Chartered With More Cryptocurrency Projects On The Horizon?
The latest news on Standard Chartered involving in a cryptocurrency project comes amidst some additional suggestions about the future digital-asset engagement of the UK financial institution. As CryptoPotato reported, just a couple of days ago, the company’s CEO Bill Winters stated that the implementation of digital assets is “absolutely inevitable,” predicting that both private sector and government-backed entities will have the leading parts in the adoption process.
During his speech at this years’ FinTech Festival in Singapore, Winters also hinted that very soon, Standard Chartered will be sharing some further news on digital assets adoption.
Featured image courtesy of BloombergTV