Standard Custody & Trust Company, an institutional-grade custody and settlement platform for digital assets, has received charter status to operate under New York State Banking Law as a regulated qualified custodian.
The New York State Department of Financial Services (NYDFS) charter permits Standard Custody to offer custodial and escrow services for clients seeking to unlock the value of digital assets and open new investment opportunities across the world of decentralised finance.
In granting this charter, NYDFS conducted a comprehensive review of Standard Custody’s business, including the company’s front-to-back security and its operational flows, as well as its comprehensive compliance programmes, policies and procedures.
According to Standard Custody’s board member Tim Keaney, institutional investors have been drawn to the massive potential of digital assets and decentralised finance, but deserve a custody and settlement solution to meet the demands of a global digital asset marketplace.
Keaney comments: “This charter from NYDFS enables Standard Custody to serve investors in compliance with the rigorous security measures required for institutional-grade service, enabling us to bridge traditional financial services to help grow an ecosystem where digital assets thrive.”
Standard Custody’s CEO Jack McDonald, says: “Standard Custody is the only custodian to utilise third-party transaction verification and build its platform on a combination of ‘smart’ hardware security modules and novel blockchain technology resulting in a revolutionary ‘better than cold storage’ institutional custody solution.”
“Our team brings together unmatched expertise in the worlds of banking, regulatory compliance, and blockchain to deliver an unmatched custodial and escrow settlement solution that will define the way institutional investors interact with the world of digital finance,” adds McDonald.
Click here to discover more about the world of digital assets in Asset Servicing Times’ Digital Assets 2021 Handbook.
