SC Ventures, the innovation and ventures unit of Standard Chartered, has entered into an agreement with Northern Trust to launch Zodia Custody, an institutional custody solution for cryptocurrencies. Zodia is designed to enable institutions to invest in the emerging cryptocurrency assets, including transaction and settlement activities. Under the agreement, which is subject to registration with the UK Financial Conduct Authority, all applicable regulatory filings and customary closing conditions, Zodia is expected to begin operations in London in 2021.
At launch, Zodia will provide custody services for the most-traded cryptocurrency assets – Bitcoin, Ethereum, followed by XRP, Litecoin, and Bitcoin Cash – which represent the majority of client demand and activity, accounting for approximately 80pct of the total assets (equivalent to USD395bn) traded on the top cryptocurrency exchanges.