Standard Chartered, a major British financial services company, has plans to offer crypto brokerage services to institutional investors in Ireland via its custodial service Zodia Custody. The news was reported by the Irish Independent, an Irish local newspaper.
Zodia Custody was established in December 2020 by Standard Chartered’s ventures and innovation branch SC Ventures in association with wealth management firm Northern Trust. The companies announced that the services offered by Zodia would enable institutional investors to easily and safely invest in crypto assets. Zodia was initially a cryptocurrency custodial service and was later redeveloped as an investment platform.
At the initial announcement in December, the company revealed that Zodia Custody would start working after registering with the Financial Conduct Authority (FCA). In a press release issued on 29th July, the companies announced the registration of Zodia with the FCA. According to the announcement, Zodia can now provide commercial services to clients as a crypto asset business.
Alex Manson of SC Ventures said:
“We believe cryptoassets as an asset class is here to stay. We set up Zodia Custody with the clear goal of serving institutional investors who want to invest in cryptoassets in a sustainable, safe and responsible way. Our aspiration is to lift standards, grow the ecosystem and help a nascent industry mature, becoming more acceptable to institutional investors and ultimately society at large.”
Zodia currently provides crypto custody services for Bitcoin and Ethereum. It would also add Litecoin, Bitcoin Cash, and XRP in the later stages.