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Standard Chartered's Zodia custodian to provide benefits to institutional clients
Author: Ryan Weeks, The Block; Compiler: Songxue, Golden Finance
Standard Chartered Bank’s cryptocurrency arm Zodia Custody will begin offering yields on its crypto assets to institutional clients for the first time.
“There is a lot that can be transferred from the traditional finance world to the digital asset space,” Julian Sawyer, CEO of Zodia Custody, said in a statement. “The challenge is to prioritize security, compliance and regulation. way to bring some good to the world.** Our first-of-its-kind collaboration with OpenEden is about delivering revenue products to our customers.”
In 2021, Standard Chartered and asset servicing company Northern Trust debuted Zodia Custody. Earlier this year, it announced a joint venture with SBI Digital Asset Holdings to launch custody operations in Japan. In April, it raised $36 million from investors including SC Ventures, the venture capital arm of Standard Chartered, and SBI Holdings.
Zodia Custody also has a sister company, an institutional trading platform called Zodia Markets, which earlier this year outlined plans to accelerate its U.S. expansion amid increased institutional demand.
RWA hype keeps building
The idea of connecting idle cryptocurrencies to real-world assets (RWA) has been gaining momentum in crypto circles recently. Helix, a startup incubated by Singapore-based private lender Helicap, raised $2 million in pre-seed funding for its real-world asset protocol a few weeks ago.
Singapore-based OpenEden was founded by Jeremy Ng and Eugene Ng, who previously led cryptocurrency exchange Gemini’s Asia Pacific and business development for the region, respectively. They left the company in December 2021. OpenEden was exposed in April this year, announcing plans to put tokenized U.S. Treasury bonds on the chain.
“Stablecoins worth billions of dollars are sitting on the sidelines when they could easily generate returns for investors,” co-founder Jeremy Ng said in a statement today.
Zodia Custody announced its entry into the Singapore market just last week, citing rising demand for bank-grade cryptocurrency custody services in the region.