SC Ventures and Northern Trust’s institutional cryptoasset custody solution, Zodia Custody, is now registered with the Financial Conduct Authority (FCA).
The registration means that Zodia Custody is authorised to provide commercial services to clients as a cryptoasset business following a testing period.
Launched by Northern Trust and SC Ventures, the ventures and innovation segment of Standard Chartered, in December 2020, Zodia Custody navigates the ever-changing cryptoasset market with flexibility to allow institutional clients to invest safely and securely in cryptoassets.
The solution currently provides custody services to Bitcoin and Ethereum, the top two traded cryptoassets, with intentions to expand according to client demand.
This marks the ninth cryptoasset business to receive FCA registration under the UK’s money laundering, terrorist financing and transfer of funds regulations after the asset class was brought into scope in January 2020.
Maxime De Guillebon, CEO of Zodia Custody, says: “By leveraging the best practices of Standard Chartered and Northern Trust, we give institutional clients the comfort that their and their investors’ assets are kept in a manner that is aligned with the more traditional asset markets.”
Pete Cherecwich, president of corporate and institutional services at Northern Trust, adds: “The FCA registration, alongside the successful operational testing with pilot clients, marks a significant milestone.”
“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.”
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