Standard Chartered’s crypto division partners with Ripple’s subsidiary
The goal of the collaboration is to offer global sub-custody
04.12.2023 - 10:25
186
2 min
0
What’s new? Zodia Custody, Standard Chartered Bank’s crypto division, has partnered with Metaco, a fintech company owned by Ripple Labs. Both subsidiaries are in the business of providing storage services for digital assets. Zodia Custody CEO Julian Sawyer explained that the partnership will allow it to offer global sub-custodian services: where an institution contracts with another company to store funds.
What else is known? Sawyer refers to the partnership project as the third generation of crypto custody, in which several companies specializing in custody are linked into a single network. For example, if a Brazilian custodian institution wants to store assets in the UK but does not have a license from the local regulator, it can turn to Zodia Custody, which has all the necessary permits.
Zodia Custody, launched by Standard Chartered in 2021, is licensed by regulators in the UK, Ireland, Luxembourg, and Singapore.
Last February, it, along with 16 other crypto companies, participated in the creation of Travel Rule Universal Solution Technology (TRUST), a platform that helps establish whether transactions comply with the Financial Action Task Force (FATF) requirements. The so-called Travel Rule or travel rule requires firms to hand over customer information when making transfers to identify suspicious transactions.
In July this year, Zodia acted as collateral custodian in the first non-cleared cryptocurrency trade by QCP Capital and SBI Alpha. In September, it launched a yield-generating crypto platform for institutional investors in partnership with OpenEden, which offers tokenized US Treasury bills.
Fintech company Ripple, the company behind the development of the payment protocol of the same name and the XRP token, bought Metaco in May this year. Back in July last year, Metaco partnered with France’s largest bank holding company BNP Paribas. Starting 2024, together with the largest British bank HSBC, Metaco will start offering digital asset custody services to institutional clients.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$88 525
BTC
-2.36%
-
Ethereum
$3 089.46
ETH
-3.74%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Dogecoin
$0.374165
DOGE
-7.77%
-
Ripple
$0.802549
XRP
+12.99%
-
Cardano
$0.594192
ADA
+2.38%
-
Bitcoin Cash
$421.97
BCH
-4.91%
-
Polkadot
$4.94
DOT
-3.2%
-
Litecoin
$82.82
LTC
+1.03%
-
Stellar XLM
$0.131866
XLM
+4.32%