Zodia Custody, the cryptocurrency brokerage arm of Standard Chartered, announced plans to expand its services to institutional investors in Ireland.
Standard Chartered and Northern Trust received regulatory approval from the Financial Conduct Authority in July for Zodia Custody, a joint venture operation focused on digital assets. It was founded to provide commercial services to clients in the cryptocurrency asset space.
As a result of the joint venture’s expansion into various parts of Europe, Zodia was one of nine cryptocurrency businesses granted FCA registration under the UK’s Money Laundering Regulation, which took effect on 15th July.
As previously reported, the FCA pushed to bring cryptocurrency businesses under its wing and was developing a register of firms that had received its approval. FCA announced this in 2020, and only a few companies received approval, while many were forced to close their doors.
Standard Chartered was also collaborating with BC Group, the parent company of Hong Kong-regulated cryptocurrency exchange OSL, to develop an institutional crypto brokerage exchange service. Given SC Ventures’ recent progress and product offerings, Alex Manson, global head of transaction banking, previously stated,
Cryptoassets, as an asset class, we believe, is here to stay. We founded Zodia Custody with the explicit goal of assisting institutional investors in seeking a sustainable, safe, and responsible way to invest in crypto assets. Our goal is to raise standards, expand the ecosystem, and aid in the maturation of a fledgling industry, making it more acceptable to institutional investors and ultimately to society at large.
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