21Shares taps Standard Chartered-backed Zodia Custody to hold crypto

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As an analyst with extensive experience in the crypto and fintech industries, I see this collaboration between Zodia Custody and 21Shares as a strategic move that underscores the growing demand for secure and compliant custodian solutions within the European ETP market.

Zodia Custody, a UK-based firm specializing in cryptocurrency custody, has been appointed as the custodian of choice by 21Shares for their physically-backed Exchange Traded Products (ETPs) based in Switzerland.

As a crypto investor, I’m excited to share that Zodia Custody, a reputable crypto custody solution based in the UK with backing from Standard Chartered and SBI Holdings, has been chosen as the custodian for 21Shares’ physically-backed exchange-traded products (ETPs) in Switzerland. This collaboration underscores Zodia Custody’s commitment to providing secure and reliable custody solutions for digital assets, enhancing investor confidence in this growing market.

In a recent blog post on Tuesday, the London-based firm announced its plans to offer custody services for physically-backed Exchange Traded Products (ETPs) in Switzerland and the European market. This decision comes in response to the persistently rising demand for ETPs.

Mandy Chiu, the head of financial product development at 21Shares, views the partnership with Zodia as a notable achievement in the company’s mission to offer superior investment options. She emphasizes Zodia’s advanced cold storage security and simplified regulatory solutions as key contributors to this collaboration.

Alongside Zodia, 21Shares employs custodial services from other reputable providers. According to their website, they also trust Coinbase Custody and Copper, a UK crypto custodian established in 2018 by Dmitry Tokarev.

We contacted 21Shares to confirm if they continue to work with both Coinbase Custody and Copper, and we will provide an update once we receive a response from them.

A week prior, I learned about Zodia Custody securing financing from NAB Ventures, the investment wing of National Australia Bank (NAB), a significant financial player Down Under. The specifics regarding the amount invested were kept under wraps. Nevertheless, Amanda Angelini, managing director at NAB Ventures, highlighted that their investment decision stemmed from factors such as Zodia Custody’s innovative solutions, robust security measures, and effective collaboration with regulators.

Established in 2020 as a collaboration between Standard Chartered and Northern Trust, Zodia Custody has managed to secure a total investment of $44 million from five different investors, based on the information provided by PitchBook.

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2024-06-25 15:50