Standard Chartered Bank To Launch Crypto Investment Platform
Standard Chartered Bank is one of the biggest banks in the United Kingdom, with branches all over Europe and Africa. In an official announcement released on its website, the bank has announced its plan to provide a platform where some of the biggest cryptocurrencies like BTC, ETH, and a host of others can be supported and traded.
The bank also revealed that its digital and innovation arm, SC Ventures will partner with an investment management firm based in America, Northern Trust, to launch the crypto custody platform themed “Zodia”. Alex Manson, a board executive of SC Ventures, believe that the proposed idea behind this platform shows the bank’s commitment to growth and adaption to an ever-changing investment industry by lifting industry standards for digital assets in a sustainable, safe and responsible way.
Zodia will allow institutions to invest in new digital assets
Zodia is being designed to enable institutions to invest in the emerging cryptocurrency assets that are transforming how financial markets operate, including transaction and settlement activities. In the official release by SC Ventures, the platform official launch is still subject to registration with the financial conduct authority in the United Kingdom, amidst launching set for Q1 of 2021.
Zodia is set to combine the traditional custody principles and expertise of a bank with the agility of a fintech company to provide an infrastructure that meets the high standards and loft expectations of institutional investors through a platform that adapts to the changing needs of clients and the market. At the initial launch, Zodia will be expected to provide custody service for crypto-assets such as Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash.
SCB continues to dominate the market
There is no doubt that the cryptocurrency space will be excited about this new platform, as it continues to represent a wide mainstream adoption of Blockchain into the financial space. Pete Cherecwich, President, Corporate & Institutional Services, Northern Trust, believes that the introduction of a platform like Zodia is a win in the evolution and support of institutional cryptocurrency markets.
Pete concedes that the foundation of Zodia will give more investors confidence to successful transcend into the cryptocurrency space. A move Pete believe will be a win-win situation for his firm, Standard Chartered and the Cryptocurrency world at large. Chief Executive Officer of Zodia, Maxime De Guillebon also confirms that Zodia was created to address the need for a cryptocurrency custodian that genuinely understands what custody means. He further confirms that the platform has combined risk management, compliance, innovation and key management technologies to operate successfully.
The collaboration between SCB and Northern Trust further cements their place at the top as leaders n the development of digital-asset infrastructure in Europe and America. SCB is known for its all-round investment in FinTech as it recently partnered with the Bank of Thailand and the Hong Kong Monetary Authority to explore distributed ledger interoperability for cross-border fund transfers in Asia. Northern Trust, on the other hand, continues to invest in digital innovation since it launched the industry’s first deployment of blockchain technology for the private equity market in 2017.