Key Points:
- Zodia Custody, backed by Standard Chartered, offers crypto returns and staking services to institutional clients.
- The custodian previously announced plans to support the Polkadot blockchain.
- It also expands into Singapore, pioneering bank-backed digital asset custody services in the country.
Zodia Custody, a crypto custodian backed by Standard Chartered Bank, is set to offer returns on crypto assets to institutional clients for the first time, as reported by The Block.
Partnering with OpenEden, Zodia Custody will bridge the gap between crypto asset custody and real-world yield opportunities. Additionally, the collaboration will grant institutions access to staking services. OpenEden, a startup, focuses on integrating real-world assets onto blockchain platforms.
Previously, Zodia Custody announced its plans to support the Polkadot blockchain through a strategic partnership with Parity Technologies, a leading developer on the network. Together, they aim to provide custody services for the Polkadot ecosystem, offering digital asset storage to financial institutions. Furthermore, the partnership will include the staking of DOT, Polkadot’s native token, to foster institutional adoption within the network.
Zodia Custody operates as a subsidiary of Standard Chartered, a prominent British bank with a strong presence in emerging markets across Asia, Africa, and the Middle East. Launched in 2021 alongside Northern Trust, Zodia signifies the growing interest of major institutions in engaging with digital currencies. SBI Digital Asset Holdings, the crypto division of Japanese bank SBI, also holds a stake in Zodia. This partnership prompted SBI to venture into the custody business in Japan.
In a recent move, Zodia Custody expanded its operations to Singapore to tap into the flourishing digital asset market in the country. This milestone positions Zodia Custody as the first entity owned by and partnering with banks to provide digital asset custody services for financial institutions in Singapore, as stated in their press release.
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