Standard Chartered’s crypto venture, Zodia Custody, teamed up with Ripple-owned custody specialist Metaco’s network to revolutionize the third generation of crypto custody. The collaboration aims to facilitate global sub-custody services for institutions worldwide, allowing seamless safekeeping and settlement of digital assets. Julian Sawyer, Zodia Custody’s CEO, emphasized the significance of this integration, envisioning a network where multiple custodians are interconnected. This interconnected system enables institutions to utilize sub-custodians in different regions, leveraging regulatory permissions and compliance in a seamless manner.
Established in 2020, Zodia Custody specializes in secure digital asset storage, primarily catering to institutional clients such as corporations and professional investors. The crypto venture, supported by Standard Chartered, recently expanded its services to Hong Kong, marking a significant milestone in its global presence. Zodia Custody’s expansion strategy involves forming strategic partnerships with esteemed institutions, including Standard Chartered, Northern Trust, and Japan’s SBI Holdings. This collaborative approach strengthens its position as a leading digital asset custodian.
On the other front, Ripple, a key player in enterprise blockchain and cryptocurrency solutions, has embarked on a strategic partnership with Uphold, a global Web3 financial platform. This collaboration aims to enhance Ripple’s crypto liquidity capabilities, reinforcing its cross-border payment infrastructure.
Ripple Spearhead Georgia’s CBDC Development
Ripple’s expertise in central bank digital currency [CBDC] development has been reaffirmed by the National Bank of Georgia, which selected Ripple Labs as its technology partner for the digital Lari (GEL) pilot project. This significant milestone positions Ripple at the forefront of CBDC innovation, with its platform slated to plan and execute the pilot program.
As both Zodia Custody and Ripple continue to make strides in the evolving crypto landscape, their strategic partnerships and innovative approaches contribute to the seamless integration of digital assets into the global financial ecosystem. The collaboration between Zodia Custody and Metaco’s network is a testament to the evolution of crypto custody into a globally interconnected system, fostering efficiency and compliance in the handling of digital assets for institutional clients across borders.