Reportedly, Standard Chartered is preparing to launch an institutional-grade cryptocurrency custody platform. It has been stated that the multinational bank will be working with Chicago-based Northern Trust to launch Zodia Custody, which is a cryptocurrency custodian solution.
Zodia Custody will facilitate institutional investments into Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC) and Bitcoin Cash (BCH).
It is very obvious that cryptocurrency assets are getting institutional attention. Those who like to explore the cryptocurrency space need an avenue to make things work. Now, Standard Chartered are making it possible to take advantage of traditional banking structures and the cutting edge fintech to help customers who are looking to benefit from the cryptocurrency space.
It has been stated that “The launch of Zodia demonstrates our commitment to rewiring the DNA in banking. Drawing on Standard Chartered’s heritage of providing custody services to institutional clients for 160 years, Zodia’s mission is to be a ‘force for good’ by lifting industry standards for digital assets in a sustainable, safe and responsible way.”
Zodia, Microstrategy, Square Inc
When Zodia successfully registers with UK Financial Conduct Authority (FCA), the agreement have to state that the firm is set to begin work in 2021.
In this regard, Sydney Ifergan, the crypto expert tweeted: “The march in the cryptocurrency space is heating up. PayPal, Standard Chartered and major financial institutions taking to BTC, ETH, XRP, LTC and BCH.”
Recently, 169-Year-Old Mass Mutual invested $100 Million in Bitcoin for their General Investment Fund. This is yet another real-time proof of a mainstream firm to come in to digital assets.
Important to note, MicroStrategy Inc. have expanded their investments into the BTC.
Michael Saylor “Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.”
Square Inc., have invested in to cryptocurrency an ideal proof of institutional adoption and demand. Square, Inc. recently announced today that they have purchased approximately 4,709 Bitcoin reporting an aggregate purchase price of $50 million.
This investment represents nearly one percent of Square’s total assets during the end of the second quarter of 2020. The one percent is just the beginning, it is not going to be difficult to step in with the 1% of their total assets in to BTC and this will eventually make real-time proof for the validity of BTC as a store of value.
It is very obvious that these initial investments is just a first step. Just like any other investment and are likely to explore future opportunities.
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