Zodia Custody, the crypto business incubated by Standard Chartered, will offer institutional clients yield on their crypto holdings for the first time.
Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Zodia Custody, the crypto unit of Standard Chartered, will begin offering institutional clients yield on their crypto holdings for the first time.
The firm has partnered with OpenEden to connect crypto assets held in custody with real-world yield opportunities, according to an announcement today. The product will also give institutions exposure to staking services. “There’s a lot in the world of traditional finance that can be moved to digital assets,” said Julian Sawyer, CEO of Zodia Custody, in a statement. “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 first unveiled by Standard Chartered and Northern Trust, the asset servicing firm, in 2021. It announced a joint venture with SBI Digital Asset Holdings to form a custody business in Japan earlier this year andfrom SC Ventures, Standard Chartered’s venture arm, and SBI Holdings, among other investors.
Zodia Custody also has a sister company, an institutional trading platform named Zodia Markets, which earlier this year outlined plans to accelerate its expansion in the U.S. in the wake of increased institutional demand.The idea of connecting idle crypto with real-world assets, or RWA, has gained momentum in crypto circles lately.
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