Northern Trust and Standard Chartered partner on crypto custody solution

Standard Chartered Ventures, the innovation unit of Standard Chartered, is partnering with asset servicer Northern Trust to launch Zodia Custody, a crypto custody business. The new business will launch in London next year, subject to regulatory approval.

Why should we care?
Zodia will provide custody services for Bitcoin, Ethereum, followed by XRP, Litecoin, and Bitcoin Cash – cryptocurrencies that represent the majority of client demand and activity. The new company will allow institutions to invest in emerging cryptocurrency assets, including transaction and settlement activities. The news comes further to reports this summer that Standard Chartered was building a crypto custody solution. “Zodia’s robust capabilities will make it possible for institutional asset owners, family offices and asset managers to invest in a range of cryptocurrencies as interest continues to grow in these emerging and innovative financial instruments,” Northern Trust President of Corporate & Institutional Services Pete Cherecwich said in a statement. The move entrenches Standard Chartered and Northern Trust into the camp of established financial players that are offering crypto-related services, including JPMorgan, DBS, and BBVA.