There’s a growing, new trend in the banking industry and it’s called cryptocurrency.
With more than 75 million Bitcoin users in last November and 220 million people using cryptocurrencies globally, it is clear that this asset class is here to stay. It’s not a coincidence that banks are starting to move forward their initial skepticism to embrace a more direct contact with the topic.
This is exactly the case of Standard Chartered and Norther Trust, which are currently backing up crypto custodian Zodia in the launch of news products. This association dates back to December 2020 and brings each Bank’s established custody approach to the market, providing institutional investors with the tools and the confidence to safely approach crypto universe.
With Zodia being a custody service provider for Bitcoin and Ethereum, the two most traded cryptoassets, the goal – as claimed in an official press release by Alex Manson of SC Ventures – is to serve “institutional investors who want to invest in cryptoassets in a sustainable, safe and responsible way. Our aspiration is to lift standards, grow the ecosystem and help a nascent industry mature, becoming more acceptable to institutional investors and ultimately society at large.” Up to this point, Zodia is the only crypto asset servicing firm looking to facilitate via crypto native and traditional finance structures.
When Bitcoin was first launched, back in 2009, and the world started to talk about cryptocurrencies, financial institutions like global banks kept warning investors that these were a new and unregulated asset class. Today the scenario is quite different and the bank industry is clearly moving in a different direction. Having two of the most important players in the sector worldwide providing cryptocurrencies custody and offering a whole range of investment services – such as derivates, financing and lending and borrowing services – is for sure testament to that.
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