SC Ventures, the innovative arm of Standard Chartered, has announced a strategic partnership with Northern Trust. The partnership is directed at launching a crypto custody business dubbed Zodia.
According to the announcement, the new enterprise named Zodia Custody will be dispatched in London. Zodia is slated to start activities a year from now, as enrollment with the U.K. Monetary Conduct Authority and other administrative conditions will follow suit.
The news affirms past reports which said SC Ventures is building a crypto custody solution for institutional investors. At that point, Northern Trust’s support was still unknown.
At the launch, Zodia will give support administrations to bitcoin (BTC) and ether (ETH). Plans are in place to support more digital currencies later on. Some of them include Ripple XRP, litecoin (LTC), and BCH.
Pete Cherecwich, president of corporate and institutional services at Northern Trust spoke on the announcement. Disclosing that the presentation of digital custody is a discovery in the development and backing of institutional digital currency markets.
He further expressed that, Zodia’s powerful capacities will facilitate institutional resource proprietors. Family workplaces, asset managers will also be able to enjoy Zodia powerful resources. Especially as interest in crypto c of cryptocurrency as interest keeps on filling in these arising and creative financial instruments.
SC and Crypto Trading
In another report, Standard Chartered is also launching a crypto exchanging service for institutional investors.
Referencing two sources acquainted with the arrangement, the report said that the bank is working with various crypto trades and over-the-counter exchanging work areas for the offering. These are said to incorporate LMAX and ErisX. Standard Chartered will supposedly make the principal test trade in a month.