Standard Chartered-Backed Zodia Custody Joins Ripple-Owned Metaco’s Global Crypto Storage Network

Zodia Custody, backed by Standard Chartered, has officially joined the global crypto storage network operated by Ripple-owned Metaco. This collaboration enhances the reach and capabilities of both entities in the evolving landscape of digital asset management.

Standard Chartered-Backed Zodia Custody Joins Ripple-Owned Metaco’s Global Crypto Storage Network

Standard Chartered-backed cryptocurrency storage provider Zodia Custody has joined forces with Metaco, a custody specialist owned by Ripple, to create a global crypto network for safe digital asset storage and settlement. This move comes as more institutions seek secure solutions after last year’s market turmoil.

Zodia Custody CEO Julian Sawyer described the collaboration as the “third generation of crypto custody,” in which multiple custodians are interconnected. For example, a custodian in Brazil could utilize Zodia as a sub-custodian to store assets in the UK, leveraging Zodia’s regulatory permissions. The integration with Metaco’s network enables Zodia Custody to provide global sub-custody services, facilitating compliant connections between custodians, exchanges, and venues.

The partnership with Metaco is part of the ongoing evolution of crypto storage and settlement networks, which aim to mimic traditional financial systems. As more infrastructure components emerge, different network types also emerge. Copper recently partnered with BitGo’s Go network, while Fireblocks offers self-custody off-exchange systems. Zodia Custody itself offers an Interchange network.

Zodia Custody, which operates in the UK, Ireland, and Luxembourg, recently expanded its presence to Singapore. Standard Chartered also backs it. Additionally, Zodia Markets, another Standard Chartered-backed entity, received approval in principle to operate as an over-the-counter (OTC) crypto broker-dealer in Abu Dhabi.

Metaco has also made significant strides in custody, having recently secured HSBC as a client for its custody technology services.

The demand for secure and compliant cryptocurrency storage and settlement solutions has grown significantly as institutions increasingly enter the crypto market. The collaboration between Zodia Custody and Metaco aims to address these needs by providing a global network of custodians, ensuring the safekeeping and settlement of digital assets.

As the crypto custody industry matures, partnerships and integrations between custodians and networks will become crucial. This interconnected infrastructure will enable institutions to securely store and transact digital assets across borders, fostering greater trust and adoption in the crypto space.

The collaboration between Zodia Custody and Metaco reflects the industry’s recognition of the need for robust custody solutions. It highlights the growing importance of global crypto network that link custodians, exchanges, and venues in a compliant and secure manner.

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