Zodia Custody Launches New Product to Facilitate Crypto Transfers and Trade Settlements for Institutional Investors

Last updated: December 7, 2023 04:07 EST
. 2 min read

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Zodia Custody, a crypto custody firm backed by Standard Chartered, has announced the launch of a new product intended to facilitate seamless crypto transfers for institutional investors.

Dubbed “Interchange Connect,” the offering aims to create a “network of networks” that connects different institutional crypto accounts, allowing for seamless transfer of cryptocurrencies and trade settlements across platforms such as Metaco, Fireblocks, and Copper’s ClearLoop.

Set to be available to customers in the first quarter of 2024, Interchange Connect aims to simplify the process for institutional investors who need to transfer crypto assets between various accounts.

By providing a secure and reliable solution, Zodia Custody aims to enhance the end-to-end service capabilities for these investors.

“As the ecosystem evolves at speed, we move faster to provide comprehensive and global solutions for institutions,” Zodia Custody’s Chief Commercial Officer, James Harris, said.

“Interchange Connect massively opens up the possibilities for institutions by connecting our own bank-grade infrastructure and unique custodial solutions to others, ensuring that institutions gain additional secure, reliable, and compliant end-to-end service capabilities.”

Off-Exchange Settlement Gains Traction

Following the challenges faced by major crypto businesses like FTX last year, products supporting off-exchange settlement have gained traction.

By integrating with platforms like Copper’s ClearLoop, companies such as Bitget and Gate.io have already facilitated off-exchange trading and settlement.

Zodia Custody’s Interchange Connect aims to further advance this trend and provide institutions with a secure and efficient means of conducting off-exchange transactions and settlements.

Julian Sawyer, the CEO of Zodia Custody, emphasized the collaborative nature of evolving the digital asset infrastructure.

“No one party will be solely able to evolve the infrastructure underpinning the digital asset ecosystem — but together, we can provide the tools and services to bring digital assets into the mainstream.”

Zodia Custody, initially announced by Standard Chartered and Northern Trust in 2021, raised $36 million in April of the same year, with support from SC Ventures (Standard Chartered’s venture arm), SBI Holdings, and other undisclosed investors.

Zodia Integrates Ripple-Owned Metaco’s Crypto Safekeeping

Earlier this week, Zodia Custody said it has integrated Metaco network’s global crypto storage services to offer sub-custody services for cryptocurrencies.

This means that Metaco would store client’s funds and provide means to manage them including initiating transfers via web interface.

Zodia’s partnership aims to expand its services and reach a wider audience by providing safekeeping and settlement of digital assets.

The integration came a month after Zodia Custody expanded its services in Hong Kong in response to institutional demand.

In recent months, the company has already extended its services to Japan, Singapore, and Australia, proving its presence in the institutional crypto custody space.