Standard Chartered Bank is planning to launch a crypto custody service in 2021. The custody service will only be available to institutional investors. According to a press release published on the 9th of December, the innovation and ventures unit of Standard Chartered Bank has partnered with financial services company Northern Trust to launch the new crypto custody service, called Zodia Custody.
Despite the increasing adoption of digital assets by institutional investors, the press release showed that institutional investors represent only 9% of crypto investments. However, the bank is confident that institutional investors will continue to increase over the coming years.
In addition, Zodia Custody is scheduled to debut in London in the coming year. The new crypto service is also subjected to regulatory documentations, customary closing conditions, and registration with the UK Financial Conduct Authority (FCA).
The announcement revealed further:
“Zodia combines the traditional custody principles and expertise of a bank with the agility of a fintech company to provide an infrastructure that meets the high standards and expectations of institutional investors through a platform that adapts to the changing needs of clients and the market.”
Initially, Zodia will only provide custody services to most-traded digital assets. The crypto assets include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and XRP. The announcement noted that the assets represent 80% of all digital assets traded on top crypto exchanges.
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