UK bank Standard Chartered will offer cryptocurrency brokerage services in Ireland through its subsidiary Zodia Custody. The digital asset custodian will focus on signing institutional investors in the Republic which has become a European base for many financial institutions and crypto companies.
Standard Chartered to provide crypto custody to institutions in Ireland
Zodia Custody, the crypto brokerage firm of Standard Chartered Bank, plans to offer its services to institutional investors in Ireland, Irish daily Independent reported on Sunday. The company operates as an exchange and brokerage for cryptocurrencies and other digital assets.
The crypto custodian platform was started late last year by UK bank subsidiary SC Ventures and US wealth and asset management firm Northern Trust. Both parent companies have already invested heavily in blockchain services in recent years, the newspaper noted.
The joint venture specializes in managing investments in digital and crypto assets for financial institutions. It has already onboarded a number of pilot clients since its launch in December 2020. The new entity has applied for registration with the UK’s Financial Conduct Authority (FCA).
According to a statement released at the time, Zodia will provide custodial services for a number of cryptocurrencies such as bitcoin (BTC), bitcoin cash (BCH), ether (ETH), ripple (XRP) and litecoin (SLD). Standard Chartered motivated its decision to create the platform with growing institutional interest in digital currencies while noting that institutions only made up 9% of crypto investments.
In June of this year, the British banking giant announced that its branch SC Ventures was setting up a cryptocurrency exchange and brokerage service in partnership with BC Technology Group, an investment firm specializing in digital assets, which operates out of Hong Kong. The aim is to provide institutional and corporate clients with access to cryptocurrencies such as bitcoin (BTC) and ethereum (ETH).
Thanks to its favorable business climate, the Republic of Ireland has become a European base for financial institutions and fintech companies. These include Bank of New York Mellon, which launched a “digital innovation hub” in Dublin in May, and financial technology firm Blockdaemon, backed by Goldman Sachs, which has an office in Galway.
The country, which is an EU Member State, offers unhindered access to the Union’s common market. A number of companies in the cryptocurrency industry, including well-known names such as the Kraken digital asset exchange, have established a presence there as well.
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