Standard Chartered subsidiary Zodia Custody expands its reach to institutional investors in Ireland, this announcement is coming after the firm recently got the FCA approval in July.
Zodia Custody, a cryptocurrency brokerage subsidiary of Standard Chartered, has announced ambitions to offer its services to institutional investors in Ireland.
Standard Chartered and Northern Trust got regulatory permission for Zodia Custody, a digital asset joint venture, from the Financial Conduct Authority in July.
It was established as a crypto asset firm to provide commercial services to clients.
Zodia was one of nine crypto businesses awarded FCA registration under the UK’s Money Laundering Regulation as the joint venture expands its reach to different parts of Europe. According to records, Zodia’s registration has been in place since July 15th.
As previously reported, the FCA was pushing to bring crypto enterprises under its wing, and in order to do so, it was compiling a list of organizations that had gotten its approval.
FCA announced this in 2020, and just a few companies were able to get approval, while others were forced to close their doors.
Standard Chartered was also collaborating with BC Group, the parent firm of Hong Kong-based crypto exchange OSL, to build an institutional crypto brokerage exchange service.
Alex Manson, global head of transaction banking, has previously stated, “Given the progress and solutions given by SC Ventures over the past months,
We believe cryptoassets as an asset class is here to stay. We set up Zodia Custody with the clear goal of serving institutional investors who want to invest in cryptoassets in a sustainable, safe and responsible way. Our aspiration is to lift standards, grow the ecosystem and help a nascent industry mature, becoming more acceptable to institutional investors and ultimately society at large.”