Hassan Maishera
TL;DR
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Standard Chartered-backed Zodia Custody has partnered with OpenEden.
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The partnership will see Zodia Custody offer yield on crypto holdings.
Zodia Custody Enters A Strategic Partnership With OpenEden
Zodia Custody, the crypto unit of Standard Chartered, is set to start offering institutional clients yield on their crypto holdings. This latest development comes following Zodia Custody’s partnership with OpenEden, a startup focused on bringing real-world assets on-chain.
The partnership will allow Zodia Custody to connect crypto assets held in custody with real-world yield opportunities. The company said the product will give institutional investors exposure to staking services.
While commenting on this latest development, Julian Sawyer, CEO of Zodia Custody, stated that;
“There’s a lot in the world of traditional finance that can be moved to digital assets. The challenge is how to bring some of the benefits to the world in a safe, compliant and regulatory-first way. Our first such partnership with OpenEden is exactly how we do this — by bringing access to yield products to our clients.”
Zodia Custody was launched by Standard Chartered and Northern Trust, the asset servicing firm, in 2021. The firm announced a joint venture with SBI Digital Asset Holdings to form a custody business in Japan a few months ago.
In April, Zodia Custody raised $36 million from SC Ventures, Standard Chartered’s venture arm, and SBI Holdings, among other investors.
Zodia Custody’s sister company, Zodia Markets, was launched to provide crypto trading services to institutional investors. Zodia Markets revealed earlier this year that it plans to accelerate its expansion in the U.S. in the wake of increased institutional demand.
Zodia Custody also announced its entry into the Singaporean market last week, citing increased demand for bank-grade crypto custody services in the region.
