Standard Chartered, a British multinational bank, has announced that its ventures unit called SC Ventures, and Northern Trust, a provider of asset servicing, have singed into an agreement to launch Zodia Custody, an institutional-grade cryptocurrency custodian.
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According to an official press release, the custodian is expected to start operations in London next year. Initially, the custodian will support only five digital assets: bitcoin (EXANTE: Bitcoin), ether (ETH), bitcoin cash (BCH), litecoin (LTC) and XRP (XRP).
Maxime De Guillebon, Zodia's CEO, says that the service was created "to address the need for a cryptocurrency custodian that truly understands custody."
"We combine the risk management, compliance, governance and security approach of a regulated financial institution with the cutting-edge innovation of crypto asset and key management technologies," De Guillebon added.
As of press time, Zodia Custody is working on registering with the FCA under UK Money Laundering Regulations and will apply standards that are equivalent to the custody of traditional securities, the press release states.
Bill Winters, Standard Chartered's Chief Executive, previously said during the Singapore’s FinTech Festival that the cryptocurrency market adoption is "absolutely inevitable." Winters emphasized there is scope not only for state-backed digital currencies, but for private ones as well.
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