One of the leading International banking groups, Standard Chartered has taken its first step towards cryptocurrency. Its innovation arm, SC Ventures announced a partnership with Northern Trust to launch an institutional-grade custody solution for cryptocurrencies, called Zodia Custody.
Many banking groups around the world have already ventured into crypto in some form or another. Reports suggest that crypto currently represented 0.3% of the world’s currency and bank deposits. The values are expected to grow with a Compound Annual Growth Rate [CAGR] of 32% from 2019 to 2024.
Zodia will provide institutions to invest in crypto, along with enabling transactions and settlement activities. As per the announcement, Zodia has been scheduled to go live by 2021.
When Zodia launches, it is set to provide custody services for digital assets like Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash. These digital assets account for almost 80% of the total assets
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