Standard Chartered Plc (SCBFF.PK,STAC.L,STAN.L) announced Wednesday that its innovation and ventures unit SC Ventures has entered into a deal with Northern Trust Corp. (NTRS) to launch Zodia Custody, an institutional-grade custody solution for cryptocurrencies.
Zodia is designed to enable institutions to invest in the emerging cryptocurrency assets. According to the bank, cryptocurrencies, which now represent 0.3% of the world's currency and bank deposits, would continue growing with a CAGR of 32% to 2024 from 2019. While there is increasing interest from institutional investors, they account for only 9% of investments in cryptocurrencies at present.
The agreement is subject to registration with the UK Financial Conduct Authority, all applicable regulatory filings and customary closing conditions. Under the deal, Zodia is expected to begin operations in London in 2021.
At launch, pending regulatory approval, Zodia will provide custody services for the most-traded cryptocurrency assets - Bitcoin, Ethereum, followed by XRP, Litecoin, and Bitcoin Cash.
Zodia Custody is in the process of registering with the FCA under UK Money Laundering Regulations.
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