Zodia Custody Offers Yield on Stablecoin Amid Race to Woo Institutional Investors
BeInCrypto
19 Sep 2023 2:45 PM
Standard Chartered-owned Zodia Custody falls in with the trend of banks seeking to lure large investors with crypto and stablecoin services....
- Zodia Custody, owned by Standard Chartered, has introduced a staking option for crypto holdings on its platform in collaboration with DeFi platform OpenEden.
- The service, called "Zodia Custody Yield," offers returns on stablecoins and emphasizes high cybersecurity standards.
- Standard Chartered has been bullish on Bitcoin, predicting it could reach $50,000 in 2023 and $120,000 next year.
- Zodia Custody raised $36 million and partnered with SBI Digital Asset Holdings to expand into the Japanese market.
- The announcement aligns with a growing trend of financial institutions embracing blockchain and crypto-based products.
- Citi Treasury and Trade Solutions recently partnered with Maersk to offer services converting funds to digital assets.
- Several asset managers, including BlackRock, await a ruling on their application to launch a spot Bitcoin ETF.
The overall sentiment of the article is positive, highlighting the bullish stance of Standard Chartered and the growing adoption of crypto-related services by financial institutions. However, there are also mentions of regulatory hurdles and concerns about ESG criteria.
You May Ask
What is Zodia Custody's new offering for crypto holdings?Who is the owner of Zodia Custody?What are the price predictions for Bitcoin made by Standard Chartered?Which financial institutions are awaiting a ruling on their spot Bitcoin ETF applications?What are the concerns and hurdles faced by BlackRock in obtaining approval for its ETF?