Zodia Custody, an organization backed by Standard Chartered (STAN) that offers cryptocurrency storage services, is about to join the network run by Metaco, a Ripple-owned custody specialist.
The two companies revealed on Monday that this network is intended to safely settle and manage digital assets for institutions around the world.
Zodia Custody, a business that was previously founded in Luxembourg, the United Kingdom, and Ireland, has now expanded to Singapore. Simultaneously, Zodia Markets, with assistance from Standard Chartered, has been granted preliminary authorization to operate as an over-the-counter (OTC) cryptocurrency broker-dealer in Abu Dhabi.
Storage and settlement networks for cryptocurrencies are becoming more and more popular. By ensuring that digital assets are kept safely in custody, these networks lessen the risk related to counterparties. This trend has accelerated, particularly in the wake of the major setbacks and difficulties faced by companies such as FTX in the previous year.
Offering worldwide sub-custody services is the aim of connecting with Metaco’s network. Sub-custody is, to put it simply, assigning another custodian the task of holding assets.
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