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SC Ventures, the innovation and ventures unit of Standard Chartered, and Northern Trust, a leading provider of asset servicing, have entered into an agreement to launch Zodia Custody, an institutional-grade custody solution for cryptocurrencies. Cryptocurrencies already represent 0.3% of the world’s currency and bank deposits and are forecast to continue growing with a CAGR of 32% from 2019 to 20241. While there is increasing interest from institutional investors, they account for only 9% of investments in cryptocurrencies at present. Zodia is designed to enable institutions to invest in the emerging cryptocurrency assets that are transforming how financial markets operate, including transaction and settlement activities. Under the agreement, which is subject to registration with the UK Financial Conduct Authority (FCA), all applicable regulatory filings and customary closing conditions, Zodia is expected to begin operations in London in 2021.

United kingdomHong kongCity ofPete cherecwichAlex mansonUnited kingdom financial conduct authorityCorporate institutional servicesMonetary authority of singaporeHong kong monetary authorityStandard charteredNorthern trustZodia custodyBitcoin cashChief executive officerInstitutional servicesMonetary authority