• Standard Chartered Bank of the United Kingdom will provide cryptocurrency brokerage services in Ireland

  • Through its Zodia Custody subsidiary, British bank Standard Chartered will provide cryptocurrency broker services in Ireland. The digital asset custodian will concentrate on attracting institutional investors in the Republic, which has emerged as a European hub for many financial institutions and cryptocurrency firms.

    Standard Chartered to Provide Crypto Custody to Irish Institutions

    The Standard Chartered Bank’s crypto brokerage, Zodia Custody, plans to offer its services to institutional investors in Ireland. The company acts as a cryptocurrency exchange and brokerage for other digital assets.

    The cryptocurrency custodian platform was launched late last year by the UK bank’s SC Ventures subsidiary and Northern Trust, a wealth and asset management firm based in the United States. According to the newspaper, both parent companies have already made significant investments in blockchain services in recent years.

    The joint venture specializes in managing financial institutions’ investments in digital and crypto assets. Since its December 2020 launch, it has already onboarded a number of pilot clients. The new entity applied for registration with the Financial Conduct Authority in the United Kingdom (FCA).

    Zodia will provide custody services for a variety of cryptocurrencies, including bitcoin (BTC), bitcoin cash (BCH), ether (ETH), ripple (XRP), and litecoin, according to a statement released at the time (LTC). Standard Chartered based its decision to launch the platform on growing institutional interest in digital currencies, despite the fact that institutions accounted for only 9% of crypto investments.

    In June of this year, the British banking giant announced that its SC Ventures arm is launching a cryptocurrency exchange and brokerage service in collaboration with BC Technology Group, a Hong Kong-based investment firm specializing in digital assets. The goal is to give institutional and corporate clients access to cryptocurrencies like bitcoin (BTC) and ethereum (ETH) (ETH).

    The Republic of Ireland has become a European base for financial institutions and fintech businesses due to its favorable business climate. Bank of New York Mellon, which opened a ‘Digital Innovation Hub’ in Dublin in May, and Goldman Sachs-backed fintech firm Blockdaemon, which has an office in Galway, are among them.

    The country, which is an EU member, offers unrestricted access to the Union’s common market. A number of cryptocurrency companies, including well-known names like digital asset exchange Kraken, have also established a presence there.

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