UK’s Standard Chartered to offer crypto brokerage services in Ireland

UK’s Standard Chartered to offer crypto brokerage services in Ireland

Zodia Custody, the Standard Chartered Bank’s crypto brokerage, is planning to offer its services to institutional investors in Ireland, the Irish daily Independent revealed on Sunday. The company operates as an exchange and brokerage for cryptocurrencies and other digital assets.

The crypto custodian platform was established late last year by the U.K. bank’s SC Ventures subsidiary and U.S.-based wealth and asset management firm Northern Trust. Both parent companies have already invested heavily in blockchain services in the past few years, the newspaper noted.

The joint venture specializes in managing investments in digital and crypto assets for financial institutions. It has already onboarded a number of pilot clients since its launch in December 2020. The new entity applied for registration with the U.K. Financial Conduct Authority (FCA).

According to a statement released at the time, Zodia will provide custody services for a number of cryptocurrencies such as bitcoin (BTC), bitcoin cash (BCH), ether (ETH), ripple (XRP), and litecoin (LTC). Standard Chartered motivated its decision to create the platform with increasing institutional interest in digital currencies while noting that institutions accounted for only 9% of crypto investments.

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Source: UK’s Standard Chartered to Offer Crypto Brokerage Services in Ireland – Finance Bitcoin News