The crypto-custody startup funded by Standard Chartered announces its integration with the Metacothe specialist in asset custody for digital institutional.
The time is ripe for cooperation between players in the custody crypto. Recently, it was Copper that came closer to BitGo, but also to the ecosystem set up by Fireblocks.
The announcement of Zodia Custody is part of this trend. The British startup has made its integration with the Zodia Custody network official. Metacoanother crypto asset custody specialist owned by Ripple.
Sub-custody target to reach institutional customers
Zodia Custody has signed several significant partnerships this year. In September, the subsidiary of London-based Standard Chartered joined forces with Parity Technologies, a Polkadot pillar, with the aim of providing custody services.
With Metaco, the startup is participating in the current movement to model crypto finance custody systems on the TradFi model. This trend will lead to the coexistence of multiple custody networks, anticipates CEO Julian Sawyer.
Through its integration with the Metaco network, Zodia Custody aims to offer a global sub-custody service. Clearly, institutional clients, via Metaco or another custodian, entrust the custody of their assets to a third party.
3rd generation of interconnected custodians
Sawyer anticipates the emergence of a third generation of crypto-custody players, characterized by interconnections between custodians. The executive cites the example of a Brazilian client.
A custodian himself, the custodian wanted to hold assets in the UK, a market in which he had no presence and no license. By contracting with Zodia, the Brazilian custodian gains access to a regulated sub-custodian.
I think the multiple existing networks are really essential to link custodians to each other and to link custodians to exchanges and stock exchanges in a compliant way,” defends Julian Sawyer.
In addition to developing its sub-custodian business, Zodia Custody is rolling out its own services in other markets. The startup is now registered in the UK, Ireland and Luxembourg, and recently in Singapore.
Its Zodia Markets branch, also backed by Standard Chartered, has begun its international expansion. It can now operate as an OTC cryptocurrency broker in Abu Dhabi.
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