tandard Chartered announced today that it has collaborated with Chicago-based financial services company Northern Trust to launch a custody service for institutional cryptocurrency investors.
Dubbed Zodia custody', the planned custody service will get operational by the next year in London. The bank aims to combine traditional cryptocurrency services with banking expertise to facilitate institutional investors.
According to the official press release, Zodia will provide custody service of Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash at the start. The bank plans to add more cryptocurrencies in the future.
Standard Chartered outlined the growing interest in cryptocurrencies worldwide. The bank mentioned that crypto-assets now represent 0.3% of the world's currency and bank deposits with an expected annual growth rate of 32%. Despite the growing popularity,
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