Standard Chartered Zodia integrates Ripple-owned Metaco’s crypto storage services

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Standard Chartered Zodia integrates Ripple-owned Metaco’s crypto storage services

By Charles Thuo - min read
  • Zodia Custody, backed by Standard Chartered Bank, integrates Metaco’s crypto storage.
  • The move is aimed at enhancing global sub-custody services for cryptocurrencies.
  • The collaboration reflects the third generation of crypto custody, linking multiple custodians for secure and compliant management of digital assets.

In a strategic move to enhance global sub-custody services for cryptocurrencies, Zodia Custody, backed by Standard Chartered Bank, has integrated Metaco network’s crypto storage services.

This collaboration aims to redefine crypto custody and settlement processes, resembling traditional finance models. The move comes amid increasing demand for secure digital asset storage and reflects the evolution of the crypto industry.

Zodia Custody’s partnership with Metaco

Zodia Custody’s integration of Metaco network’s crypto storage services is designed to offer global sub-custody services for cryptocurrencies, enabling Metaco to store client funds securely and facilitate efficient fund management. CEO Julian Sawyer emphasizes the evolution of crypto custody into a third generation, where multiple custodians are interconnected.

This integration aligns with Zodia’s expansion, having recently extended its services in Hong Kong in response to rising institutional demand.

Metaco’s role and industry dynamics

Swiss-based firm Metaco, now under Ripple’s ownership following a $250 million acquisition earlier this year, leverages Ripple’s scale and market strength. The collaboration with Zodia Custody aims to accelerate reaching clients and providing advanced crypto storage solutions.

Notably, as the crypto industry grapples with trust and transparency issues, the integration of Metaco’s services into Zodia Custody signifies a crucial step in addressing these concerns. This move also aligns with broader industry trends, as evidenced by HSBC’s plans to launch a custody service in 2024, excluding cryptocurrencies, in partnership with Metaco.