SC Ventures, the ventures and innovation arm of Standard Chartered, and Northern Trust, a leading asset servicing provider, announced today that Zodia Custody is now registered with the Financial Conduct Authority (FCA). The registration means that Zodia Custody is now providing commercial services to clients as a cryptoasset business.
Zodia Custody, an institutional grade cryptoasset custody solution based in London, offers services to clients across the globe. Zodia Custody enables institutions to invest safely and securely in cryptoassets.
Zodia Custody, developed by SC Ventures and Northern Trust, satisfies institutional investors’ need for a cryptoasset custodian that understands traditional custody and meets investors’ high standards and expectations, whilst maintaining the flexibility required to adapt to the ever-changing cryptoasset market.
Zodia’s registration with the FCA means the business is now supervised under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. This regime brought cryptoassets into scope in January 2020 and is mandatory for all firms providing cryptoasset services in the UK.
The company is providing custody services for the two most traded cryptoassets, Bitcoin and Ethereum, with plans to expand to more cryptoassets based on client demand.
Maxime De Guillebon, Chief Executive Officer, Zodia Custody said:
“By leveraging the best practices of Standard Chartered and Northern Trust, we give institutional clients the comfort that their and their investors’ assets are kept in a manner that is aligned with the more traditional asset markets. This underpins our mission to increase the accessibility of the cryptoasset market for a wider institutional audience.”
Alex Manson of SC Ventures said:
“We believe cryptoassets as an asset class is here to stay. We set up Zodia Custody with the clear goal of serving institutional investors who want to invest in cryptoassets in a sustainable, safe and responsible way. Our aspiration is to lift standards, grow the ecosystem and help a nascent industry mature, becoming more acceptable to institutional investors and ultimately society at large.”