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British bank Standard Chartered to offer cryptocurrency broker services in Ireland :

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Joyashree Dey Follow

INDIA

Aug, 10 2021

Aug, 10 2021

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British multinational bank Standard Chartered will provide cryptocurrency broker services through its crypto brokerage Zodia Custody in Ireland, according to a report on Sunday by the Irish daily Independent.

Zodiac custody will focus on signing up institutional investors in the Ireland which has become a European base for many financial institutions and crypto companies. According to the released statement, while noting that institutions accounted for only 9% of crypto investments, Standard Chartered motivated its decision to create the platform with increasing institutional interest in digital currencies.

The Digital asset custodian was launched as a joint venture between UK based bank Standard Chartered and US based wealth management firm Northern Trust in December last year. Zodia provides crypto custody services for several cryptocurrencies like BTC, Ethereum, bitcoin cash, XRP (ripple) and LTC (litecoin). Zodia Custody is one of the eight firms in United Kingdom to confirm registration from the Financial Conduct Authorities (FCA) accessing the company to provide crypto custody and brokerage services under antimony laundering and terrorist financing regulations.

Northern Trust’s President of Corporate and Institutional Services, Pete Cherecwick stated, “We are pleased that Zodia’s robust capabilities now make it possible to support the growing number of institutional asset owners, family offices and asset managers around the world investing in this emerging asset class.”

However, Zodia Custody is not the only company turning its footstep to Ireland’s crypto industry. Earlier this month, digital payment provider PayPal also launched their numerous cryptocurrencies related roles.

Whereas in Hong Kong, UK banking giant Standard Chartered announced of opening a “green branch” this year to encourage banking services which can help cut pollution. Their aim is to provide institutional and corporate clients with access to cryptocurrencies like BTC (bitcoin) and ETH (ethereum).


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Joyashree Dey

CBW - External Analyst

INDIA

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