**Standard Chartered’s Zodia Incorporates Ripple-Owned Metaco’s Crypto Storage Services**
In a strategic move to enhance global sub-custody services for cryptocurrencies, Zodia Custody, backed by Standard Chartered Bank, has recently integrated Metaco network’s crypto storage services. This collaboration is aimed at redefining crypto custody and settlement processes, in line with traditional finance models, and comes amidst increasing demand for secure digital asset storage.
Zodia Custody’s integration of Metaco network’s crypto storage services is intended to offer global sub-custody services for cryptocurrencies, enabling Metaco to securely store client funds and facilitate efficient fund management. CEO Julian Sawyer emphasizes the evolution of crypto custody into a third generation, where multiple custodians are interconnected.
Moreover, the integration aligns with Zodia’s expansion as the company recently extended its services in Hong Kong in response to rising institutional demand. This move indicates a pivotal step in addressing trust and transparency concerns within the cryptocurrency industry, highlights broader industry trends, and aligns with the Ripple’s acquisition of Metaco earlier this year.
It is important to note that this partnership leverages Ripple’s scale and market strength. The collaboration with Zodia Custody aims to accelerate reaching clients and providing advanced crypto storage solutions. Additionally, it is part of larger industry trends, exemplified by HSBC’s plans to launch a custody service in 2024, excluding cryptocurrencies, in partnership with Metaco.
1. **What is the significance of Zodia Custody’s integration of Metaco network’s crypto storage services?**
Zodia Custody’s integration of Metaco network’s crypto storage services aims to redefine crypto custody and settlement processes and offer global sub-custody services for cryptocurrencies, enabling secure client fund storage and efficient fund management.
2. **How does the collaboration reflect the evolution of crypto industry?**
The collaboration reflects the third generation of crypto custody, linking multiple custodians for secure and compliant management of digital assets.
3. **What are the broader industry trends that this collaboration aligns with?**
The collaboration aligns with broader industry trends, as evidenced by HSBC’s plans to launch a custody service in 2024, excluding cryptocurrencies, in partnership with Metaco.