More News
FINANCIAL TECHNOLOGY | Staff Reporter, Europe

SC Ventures, Northern Trust launch cryptocurrency custody solution

It will provide custody services for the most-traded cryptocurrency assets such as Bitcoin and Etherium.

SC Ventures, the innovation and ventures unit of Standard Chartered, and asset servicing provider Northern Trust have entered into an agreement to launch Zodia Custody, an institutional-grade custody solution for cryptocurrencies.

In a joint release, the firms said that Zodia enables institutions to invest in emerging cryptocurrency assets that are transforming how financial markets operate, including transaction and settlement activities.

Cryptocurrencies represent 0.3% of the world’s currency and bank deposits and are forecast to continue growing with a CAGR of 32% from 2019 to 2024. Meanwhile, institutional investors represent just 9% of investments in cryptocurrency.

Pending regulatory approval, Zodia is expected to provide custody services for the most-traded cryptocurrency assets such as Bitcoin, Ethereum, followed by XRP, Litecoin, and Bitcoin Cash. These assets represent the majority of client demand and activity, accounting for approximately 80% of the total assets or $395b traded on the top cryptocurrency exchanges.

Zodia is expected to begin operations in London in 2021.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.