SC Ventures, the venture arm of Standard Chartered, is partnering with Northern Trust to develop the Zodia Custody service.
The new service is expected to be launched next year in London, with Zodia Custody available to customers around the world. The service is now awaiting approval from the British regulator.
Initially, Zodia Custody will be able to store BTC and ETH coins, and support for other cryptocurrencies will be added later. The service plans to provide storage services for at least XRP, LTC and BCH.
Pete Cherecwich, President of Corporate and Institutional Services Northern Trust, said:
“The emergence of a custodian service, backed by the know-how and expertise of a global bank, will be a breakthrough for the storage of crypto assets for institutional clients. Zodia's capabilities will enable financial institutions, family businesses and asset managers to invest in digital assets, especially as interest in such innovative financial instruments continues to grow. ”
The information that SC Ventures is developing a custodian solution appeared this summer. However, then it was not reported that Northern Trust was involved in the development.