Standard Chartered Bank, one of the largest banks in the UK, has officially announced plans to institutional custody important cryptocurrencies such as Bitcoin (BTC).
According to the December 9 announcement, SC Ventures, the innovation arm of Standard Chartered Bank, has set up a cryptocurrency custody service for institutional investors in partnership with Northern Trust, a US investment management company.
Standard Chartered Bank’s cryptocurrency custody platform is called “Zodia”, has been registered with the UK Financial Conduct Authority and is expected to start operations in London in 2021. The platform is currently being registered with the FCA in accordance with money laundering regulations. . The British will use the same standards to get conventional securities.
The announcement stated that Zodia will initially support Bitcoin, Ether (ETH), XRP, Litecoin (LTC) and Bitcoin Cash (BCH) as these account for “approximately 80% of the total assets” of cryptocurrencies.
Alex Manson, CEO of SC Ventures, said the launch of the Zodia service is a testament to Standard Chartered’s commitment to “reorganizing the DNA of the bank.”
Manson had already announced plans to set up Standard Chartered Bank’s cryptocurrency custody solution in July 2020. This news coincides with the company’s participation in the Swiss startup Metaco’s Series A funding of $ 17 million for digital asset preservation.
Standard Chartered Bank is also actively involved in blockchain-based venture capital. On December 7th, the Standard Chartered Bank and the Union Bank of the Philippines completed a proof of concept for the implementation of blockchain technology for bond tokens. In September 2020, the bank successfully completed a cross-bank letter of credit transaction between Vietnam and Thailand using blockchain technology.