Standard Chartered, a large UK financial services firm, is considering offering crypto brokerage services to institutional investors in Ireland through its Zodia Custody custody service. The news was reported by the Irish Independent, a local Irish newspaper.
Zodia Custody was established in December 2020 by SC Ventures, the venture and innovation arm of Standard Chartered, in association with wealth management company Northern Trust. The companies announced that the services Zodia offers will make it easy and safe for institutional investors to invest in crypto assets. Zodia was initially a cryptocurrency custody service and was later revamped as an investment platform.
During 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 July 29, 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 company.
Alex Manson of SC Ventures said:
“We believe cryptoassets as an asset class are here to stay. We created Zodia Custody with the clear objective of serving institutional investors who wish to invest in crypto-assets in a sustainable, safe and responsible manner. Our aspiration is to raise the standards, develop the ecosystem and help an emerging industry to mature, becoming more acceptable to institutional investors and ultimately society as a whole. “
Zodia currently provides crypto custody services for Bitcoin and Ethereum. It would also add Litecoin, Bitcoin Cash, and XRP in later stages.