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Laxman Pai, Opalesque Asia:

Two of the world's largest securities services providers have collaborated to launch Zodia Custody, an institutional-grade custody solution for cryptocurrencies.

Asset servicer Northern Trust Standard Chartered's fintech investment unit, SC Ventures, have sought to capitalize on the growing demand for cryptocurrency services by jointly developing the U.K.-based digital custody service aimed at institutional investors.

Zodia Custody is currently pending approval by the U.K.'s Financial Conduct Authority (FCA) under local money laundering regulations. Once approved, the new company will provide custody services for bitcoin and ethereum, initially, with litecoin, bitcoin cash and XRP to follow.

According to a press release from Northern Trust Corporation, which has assets under custody/administration of $13.1 trillion, and assets under management of $1.3 trillion, 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.

Zodia is expected to begin operations in London in 2021, it said.

"Zodia combines the traditional custody principles and expertise of a bank with the agility of a fintech company to provide an infrastructure that meets the high standards and expectations of institutional investors through a platform that adapts to the changing needs of clients and the market," said the ......................

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