The institutional investors in Ireland can leverage the service of Zodia Custody, the crypto brokerage of Standard Chartered Bank. The news came out on Sunday.
Zodia Custody was established in 2020 by thy UK Banks’s Standard Chartered ventures subsidiary and U.S.-based wealth and asset management firm Northern Trust. Both of these companies have shown keen interest in the blockchain industry with heavy investments in the past few years.
The investment of financial institutions in crypto and other digital assets is managed by Zodia Custody. The joint venture has secured numerous clients since its launch in 2020. As per the news, the entity has applied for registration with U.K Financial Conduct Authority.
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Zodia is set to provide custody services of multiple crypto coins including Bitcoin (BTC), Ether (eth), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP). The reason behind Standard Chartered’s decision to set up the platform was to motivate institutional investment in Crypto assets. At present, institutional investment accounts for only 9% of total investments in Crypto.
Standard Chartered is also in the process of facilitating additional digital currency services with new ventures arriving in the coming days. The head of SC Ventures, Alex Manson, commented on the potential of cryptocurrency in June.
We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class.
The Republic of Ireland is also becoming a breeding ground for Fintech businesses with its friendly climate. In the capital Dublin, Bank of New York Mellon launched ‘Digital Innovation Hub’ back in May. Moreover, Blockdaemon, a fintech firm backed by Goldman Sachs has its office in Galway.
Kraken exchange, a famous cryptocurrency exchange, has also established its office in Ireland.