Zodia Custody Launches “Interchange Connect” to Link Institutional Crypto Accounts
Zodia Custody, a crypto custody firm backed by Standard Chartered, has introduced a new solution called “Interchange Connect” that enables institutional investors to transfer cryptocurrencies across different accounts. This network of networks will connect institutional accounts held at platforms such as Metaco, Fireblocks, and Copper’s ClearLoop while facilitating off-exchange trade settlements. The product is set to be available to customers in the first quarter of 2024, and Zodia plans to onboard more networks in the future.
According to James Harris, the Chief Commercial Officer at Zodia Custody, this development aims to provide comprehensive and global solutions for institutions as the crypto ecosystem evolves rapidly. The Interchange Connect solution connects Zodia’s bank-grade infrastructure and custodial services with others, ensuring secure, reliable, and compliant end-to-end service capabilities for institutional investors.
Off-Exchange Trading Growth
Following the failures of major crypto businesses like FTX last year, products supporting off-exchange settlements have gained momentum. In August, Bitget integrated Copper’s ClearLoop for off-exchange trading and settlement, following Gate.io’s earlier integration with ClearLoop. This trend highlights the growing demand for alternative trading options in the crypto market.
Julian Sawyer, CEO of Zodia Custody, believes that no single party can solely advance the infrastructure of the digital asset ecosystem. However, through collaboration and providing tools and services, they can bring digital assets into the mainstream.
Zodia Custody: A Brief Overview
Zodia Custody was initially announced by Standard Chartered and Northern Trust in 2021. In April of that year, the company raised $36 million in funding from investors such as SC Ventures (Standard Chartered’s venture arm) and Japanese conglomerate SBI Holdings. With the funding, Zodia Custody aimed to expand internationally and strengthen its presence in the crypto custody market.
Hot Take: Zodia Custody Bridges the Gap Between Institutional Crypto Accounts
Zodia Custody’s launch of “Interchange Connect” marks a significant step towards bridging the gap between institutional crypto accounts. By providing a network of networks, this solution enables seamless transfer of cryptocurrencies across different platforms while facilitating off-exchange trade settlements. The integration of Zodia’s bank-grade infrastructure and custodial services with other platforms ensures enhanced security, reliability, and compliance for institutional investors. As the demand for off-exchange trading grows, Zodia Custody’s offering aligns with the evolving needs of the crypto ecosystem. Through collaboration and innovation, Zodia Custody aims to accelerate the mainstream adoption of digital assets.
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