Standard Chartered collaborates with Northern Trust

The Standard Chartered Ventures collaborate with Northern Trust to launch a crypto custody solution for institutional investors called Zodia.

By · Dec 11, 2020 . 6min read

Standard Chartered Northern Trust news

Standard Chartered Bank declared that SC Ventures, its innovation and ventures arm, collaborates with Northern Trust, a Chicago-based financial services company. The collaboration intends to launch a custody service for institutional cryptocurrency investors. Named Zodia Custody, the custody service will commence operations probably by next year in London. The bank intends to integrate conventional crypto services with banking expertise to promote institutional investors.

Zodia Custody will particularly concentrate on assisting institutional investors in the country. Thus, enabling them to fund in leading digital currencies. Initially, the custody platform will support the five most-traded cryptocurrencies. It includes Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH). These cryptos offer a prominent valuation to the digital currency market.

Standard Chartered’s SC Ventures collaborates with financial services provider Northern Trust to develop a product that concentrates on increasing institutional interest in cryptocurrencies. Recently, Northern Trust has over $1 trillion in assets under management. Additionally, the company started its first usage of blockchain technology for the private equity market in 2017.

Standard Chartered emphasized on the increasing cryptocurrencies investment globally. The bank stated that crypto-assets now designate 0.3% of the world’s currency and bank deposits with an anticipated yearly growth rate of 32%. Moreover, according to the reports, the companies stated in the declaration that the crypto custody service is awaiting a regulatory green light from the United Kingdom’s FCA (Financial Conduct Authority). However, all the standards relevant to conventional securities custody will be held in Zodia custody for digital currencies.

Spain’s BBVA launches Crypto Custody Services.

Recently, Spain’s oldest bank, BBVA, plans to launch crypto custody and trading service for Switzerland residents. The Spanish bank is placing the foundation for its crypto services in Switzerland. This is due to the accuracy in the digital currency regulation of the Swiss FINMA (Financial Market Supervisory Authority). Moreover, the bank will probably provide its digital currency services over the nations in Europe.

Lately, Union Bank of the Philippines, in collaboration with Standard Chartered Bank, successfully created a proof of concept (POC) for the issuance of a retail bond on a digital platform utilizing blockchain technology for bond tokenization.

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