UK’s Standard Chartered, the multinational financial services company, announced today a new partnership that is aimed at BTC and crypto custody in 2021 so let’s find out more about it in the latest crypto news.
UK’s Standard Chartered partnered with Northern Trust on the launch of their mutual crypto-related project Zodia. According to an official press release, the innovation and ventures unit of the company, SC Ventures, formed a new partnership with the Northern Trust which is basically a Chicago-based financial services company and one of the oldest and biggest banking institutions in the United States.
The new joint-venture will launch the so-called Zodia Custody as a new solution for crypto assets on an institutional level. The expectations are set high with having the project start operations in 2021 and pending registration with the UK Financial Conduct Authority and other regulatory conditions. In this phase, Zodia will provide custody services for some of the main cryptocurrencies that are traded on major exchanges like Ethereum and BTC as well as LTC, BCH, and XRP.
According to Maxime De Guillebon, the CEO of Zodia, the project combines the compliance, governance, risk management, and security approach of the regulated financial institution with the innovative nature of crypto assets and the key management technology. Alex Manson, the head of SC Ventures said:
“The launch of Zodia demonstrates our commitment to rewiring the DNA in banking. Drawing on Standard Chartered’s heritage of providing custody services to institutional clients for 160 years, Zodia’s mission is to be a ‘force for good’ by lifting industry standards for digital assets in a sustainable, safe and responsible way.”
The latest news on Standard Chartered involves a crypto project which comes in the middle of suggestion about the future digital-asset engagement of the UK Financial institution. A few days ago, the company’s CEO Bill Winters stated that the implementation of digital assets is inevitable and predicted that both the private sector and government-backed entities will have the leading part in the adoption process. During his speech at this year’s FinTech Festival in Singapore Winters hinted that Standard Chartered will be sharing some news on digital assets adoption.
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