Launching Institutional-Grade Cryptocurrency Custody Service Zodia.

Indra55

As early as 2020, SC Ventures, an innovation and venture subsidiary of Standard Chartered Bank, announced an agreement with the asset servicing provider Northern Trust to launch an institutional-grade cryptocurrency custody solution called Zodia Custody.

On June 2, 2021, the BC Group website indicated that SC Ventures would establish a joint venture with a Hong Kong-based investment firm specializing in digital assets, BC Technology Group. The aim was to open a compliant digital asset trading platform targeting the European market.

In June, ICAP, the world's largest interdealer broker, collaborated with Standard Chartered Bank and Fidelity to launch a cryptocurrency trading platform seeking to facilitate cryptocurrency asset trading similar to traditional assets like stocks, bonds, and forex. This platform was designed to provide trading infrastructure with digital asset custody networks, separate trade execution and settlement, and was widely seen as a key enabler for risk-averse investors to participate more in the emerging cryptocurrency market.
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On July 15, 2021, Zodia began operations after receiving formal approval from the UK Financial Conduct Authority (FCA).

On July 28, 2022, Zodia Markets launched in the UK. Usman Ahmad, the CEO of Zodia Markets, stated that the company had obtained approval from the Financial Conduct Authority (FCA) and had started spot trading in BTC and ETH.

On October 25, Zodia Custody released an identity toolkit that helps institutions easily prove ownership of cryptocurrencies in custodial wallets. Zodia's ""proof of ownership"" system embeds the identity of the wallet's private key owner in an encrypted manner, ensuring third parties can verify the key. Furthermore, Zodia is applying for a patent on its custody ownership system, which involves three different proofs: ownership proof from the customer's perspective, management proof of the wallet from the Crypto Asset Service Provider (CASP), and authorization proof for key management delegation from the customer to CASP.
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In November, Zodia Custody introduced an asset protection service named Interchange. This new service enables customers to keep their assets in Zodia Custody and then mirror them to a trading platform for transactions.

Iti9

There's no shortage of such services, it seems.

Jiten171

Indeed, trading platforms typically opt for ones they can trust.