Zodia Custody Partners with OpenEden to Offer Yield on Crypto Holdings
Zodia Custody, the cryptocurrency unit of Standard Chartered, is set to provide institutional clients with yield on their crypto holdings for the first time. In a recent announcement, the firm revealed its partnership with OpenEden, which will connect crypto assets held in custody with real-world yield opportunities. Additionally, the product will grant institutions access to staking services. Julian Sawyer, CEO of Zodia Custody, stated that there is potential to bring traditional finance benefits to the digital asset world in a safe and compliant manner. Zodia Custody was established by Standard Chartered and Northern Trust in 2021 and has since expanded its operations in Japan.
RWA Concept Gains Momentum
The concept of connecting idle cryptocurrencies with real-world assets (RWA) has been gaining traction within the crypto community. Helix, a startup incubated by Singapore-based private credit business Helicap, recently secured $2 million in pre-seed funding for its real-world assets protocol. OpenEden, founded by former Gemini executives Jeremy Ng and Eugene Ng, aims to tokenize U.S. Treasury Bills and unlock the potential of stablecoins that are currently sitting idle. Zodia Custody entered the Singapore market last week due to increased demand for high-quality crypto custody services in the region.
Hot Take: Unlocking Yield Opportunities for Institutional Crypto Holders
Zodia Custody’s partnership with OpenEden marks a significant milestone in the crypto industry as it allows institutional clients to earn yield on their crypto holdings. By connecting crypto assets held in custody with real-world yield opportunities, Zodia Custody is bridging the gap between traditional finance and digital assets. This move not only provides financial benefits but also ensures safety, compliance, and regulatory-first practices. The increasing interest in connecting idle cryptocurrencies with real-world assets demonstrates the growing potential of this concept. With the entrance of Zodia Custody into the Singapore market and its expansion plans in Japan, it is evident that the demand for bank-grade crypto custody services is on the rise. As the crypto industry continues to evolve, unlocking yield opportunities for institutional crypto holders will play a crucial role in its growth and adoption.
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