Zodia Custody Launches New Product for Connecting Institutional Accounts
Zodia Custody, a Standard Chartered-backed cryptocurrency custody company, today announced a new “network of networks” connecting various institutional cryptocurrency accounts.
Dubbed “Interchange Connect,” the product provides institutional investors with an easy way to transfer cryptocurrencies to a variety of accounts, including Metaco, Fireblocks, Copper’s ClearLoop, and others, while also settling over-the-counter transactions.
It will be available to customers in the first quarter of 2024, and Zodia plans to bring more networks online in due course.
“As the ecosystem evolves at a rapid pace, we are moving faster to deliver comprehensive, global solutions for institutions,” James Harris, Zodia Custody’s chief commercial officer, said in a statement. .
“Interchange Connect significantly unlocks the potential for institutions by connecting our own bank-grade infrastructure and unique management solutions with other institutions, ensuring institutions have additional secure, reliable, and compliant end-to-end service capabilities. do.”
Over-the-counter trading growth
Products supporting over-the-counter payments have gained some momentum following the failure of FTX, a platform founded by Sam Bankman-Fried, and other major cryptocurrency companies last year. Bitget integrated Copper’s ClearLoop in August to allow over-the-counter trading and settlement, following Gate.io’s integration with ClearLoop earlier this year.
“No one person can single-handedly advance the infrastructure that underpins the digital asset ecosystem,” said Julian Sawyer (pictured above), CEO of Zodia Custody. “But together we can provide the tools and services that bring digital assets into the mainstream.”
Zodia Custody was originally announced in 2021 by Standard Chartered and asset servicing company Northern Trust.
Last April, the company raised $36 million while also announcing plans to expand internationally. Standard Chartered’s venture arm SC Ventures and Japanese conglomerate SBI Holdings provided the majority of the capital, along with other unnamed investors.
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