Zodia Custody Offers Yield on Stablecoin Amid Race to Woo Institutional Investors
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.