Slaughter and May is advising Standard Chartered on the launch of Zodia, a cryptocurrency custodian for institutional investors
Slaughter and May is advising SC Ventures, the innovation and ventures unit of Standard Chartered, on its partnership with Northern Trust, a leading provider of asset servicing, to launch Zodia Custody, an institutional-grade custody solution for cryptocurrencies.
Under the agreement which is subject to registration with the UK Financial Conduct Authority (FCA) and all applicable regulatory filings and customary closing conditions, Zodia is expected to begin operations in London in 2021.
At launch, pending regulatory approval, Zodia will provide custody services for the most-traded cryptocurrency assets Bitcoin, Ethereum, followed by XRP, Litecoin, and Bitcoin Cash.
Alex Manson of SC Ventures, said: “The launch of Zodia demonstrates our commitment to rewiring the DNA in banking. Drawing on Standard Chartered’s heritage of providing custody services to institutional clients for 160 years, Zodia’s mission is to be a ‘force for good’ by lifting industry standards for digital assets in a sustainable, safe and responsible way.”