Standard Chartered sets out timeline for crypto custody launch

SC Ventures, the venture arm of the British banking group Standard Chartered, and the financial services provider Northern Trust announced the launch of an institutional cryptocurrency custody solution.

#SGFintechFest: Thrilled to share that together with @NorthernTrust, we’ve launched Zodia Custody, an institutional-grade custody solution for #cryptocurrencies and other #digitalassets. Full story📜 here: https://t.co/My92cjySbm#rewiringtheDNAinbanking pic.twitter.com/wFQIWgLyfz

— SC Ventures by Standard Chartered (@scventuresDNA) December 9, 2020

The Zodia Custody service will begin operating in 2021 after registration with the UK’s Financial Conduct Authority (FCA). In the initial phase it will support Bitcoin (BTC) and Ethereum (ETH). Later the platform will add XRP, Litecoin (LTC) and Bitcoin Cash (BCH).

The custody solution targets asset managers, institutional owners and family offices. Zodia Custody will be administered from the United Kingdom.

blockchain bonds worth $187 million were tokenized by Standard Chartered Bank and the Philippines’ largest bank, UnionBank. The platform was created by SC Ventures.

Earlier, it was reported that Standard Chartered’s venture arm was working on a cryptocurrency custody instrument, with news disclosed in July 2020.

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