Cryptocurrency storage provider Zodia Custody, backed by Standard Chartered, is collaborating with Ripple’s Metaco to join their network, aimed at secure storage and settlement of digital assets for global institutions.
Crypto storage and settlement networks, where assets stay in custody to avoid counterparty risk, have been gaining popularity after a plethora of bankruptcies affected the cryptocurrency space last year.
Zodia custody’s CEO, Julian Sawyer, noted the evolution of crypto infrastructure, drawing parallels to traditional finance. Various networks, such as Copper Clear Loop partnering with BitGo’s Go network and Fireblocks’ off-exchange self-custody systems, exemplify this trend, with Zodia having its Interchange network.
The partnership with Metaco aims to provide global sub-custody services, a practice where one institution hires another to hold assets. Sawyer pointed to this as an advanced form of crypto custody, facilitating global asset storage and regulatory compliance.
Zodia Custody, currently registered in the UK, Ireland, and Luxembourg, recently expanded to Singapore while Zodia Markets, also supported by Standard Chartered, received preliminary approval to function as an OTC crypto broker-dealer in Abu Dhabi.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/dec/04/
