
Standard Chartered, a British banking and financial services company, has revealed offering its cryptocurrency broker services in Ireland via its Zodia Custody subsidiary. Under this move, the digital asset custodian will emphasize on attracting institutional investors in Ireland, which apparently has emerged as a European hub for several financial institutions and crypto firms.
According to a statement, Zodia will provide custody services for several cryptocurrencies, including bitcoin cash (BCH), ether (ETH), bitcoin (BTC), ripple (XRP), and litecoin (LTC).
The crypto custodial platform was launched late last year by Northern Trust, a wealth and asset management organization based in the United States and the U.K. bank’s S.C. Ventures subsidiary. Both parent organizations have made significant investments in blockchain services in recent years.
For financial institutions, the two firms focus on managing investments in digital and crypto-assets. Since its launch, Zodia has already onboarded several pilot clients. The new business has applied for registration with the U.K. Financial Conduct Authority (FCA).
Incidentally, in June this year, the British banking behemoth stated that its S.C. Ventures arm would launch a cryptocurrency exchange and brokerage business collaborating with B.C. Technology Group, a Hong Kong-based investment firm focusing on digital assets. The plan gives institutional and corporate clients access to cryptocurrencies like bitcoin (BTC) and Ethereum (ETH).
It goes without saying that Republic of Ireland has become a European hub for financial institutions and fintech startups due to its friendly business climate. In 2021, Blockdaemon, a Goldman Sachs-backed fintech business with a Galway office and Bank of New York Mellon, established a ‘Digital Innovation Hub’ in Dublin.
Furthermore, being a member of the European Union, Ireland allows unrestricted access to the Union’s common market. As a result, several cryptocurrency companies, and other well brands like digital asset exchange Kraken, have established a presence there.
Source Credit – https://news.bitcoin.com/uks-standard-chartered-to-offer-crypto-brokerage-services-in-ireland/
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