This is the very first time that Zodia Custody institutional customers can revenue from holding cryptocurrencies by the Yield & Staking services.
Zodia Custody, the cryptocurrency brokerage and services supplier of British banking giant Standard Chartered, has just launched a new services that makes it possible for corporate customers to earn revenue from trading holding cryptocurrencies.
Zodia Custody also uncovered a partnership with OpenEden to bridge the gap involving custodial cryptocurrencies and genuine-planet assets (RWA) that have the possibility to create returns, therefore supplies enterprises accessibility to Crypto Staking providers.
OpenEden Labs is pleased to collaborate with wirh @ZodiaCustody to deliver Treasury yields on-chain for their institutional consumer base.
We are committed to staying the favored spouse for RWA yield like exchanges, custodians, wallets and DeFi protocols. https://t.co/hNS3cfXZ4P
— OpenEden (@OpenEden_Labs) September 19, 2023
Mr. Julian Sawyer, CEO of Zodia Custody, stated:
“There are many things in the traditional financial world that can be transferred to digital assets. The challenge is how to bring some benefit to the world in a safe, compliant and regulatory-compliant way.Our first partnership with OpenEden is exactly how we do this: by offering our customers access to yield products.”
The Zodia Custody platform was founded in 2021 by Standard Chartered and Northern Trust (a wealth providers organization). They obtained their United kingdom working license from the United kingdom Financial Conduct Authority (FCA) in July 2021.
In early 2023, Zodia Custody announced the formation of a joint venture with SBI Digital Asset Holdings to launch a custody organization in Japan in early 2023, and in April raised $36 million from SC Ventures, the venture capital arm of Standard Chartered, and SBI Holdings, like other traders.
This is the most up-to-date move by Zodia Custody immediately after announcing its entry into the Singapore market place final week, which demonstrates that demand for cryptocurrency custody banking providers is on the rise.
Zodia Custody is pleased to announce our international growth in Singapore 🌏🇸🇬
Local regulatory efforts to make a superior defined digital asset ecosystem make this feasible @ZodiaCustody the trusted custodian spouse for institutions.
To know much more: https://t.co/aVPYqL0gLh#Singapore pic.twitter.com/cagH4xcYqY
— Zodia (@ZodiaCustody) September 12, 2023
The partnership involving Zodia Custody and OpenEden illustrates the integration of conventional finance with the cryptocurrency sector, producing options to maximize returns on institutional clients’ digital asset holdings.
This is not the very first mixture of cryptocurrencies with Real World Assets (RWA). The top DeFi task on Ethereum, Maker, has extended been regarded to invest its stablecoin DAI assets in US stocks.
In July 2023, the Avalanche Foundation “launched” a $50 million fund named Avalanche Vista to invest in RWAs.
Then, in August 2023, DeFi protocol Pendle Finance also launched an RWA-primarily based solution, which supports Spark Protocol’s sDAI and Flux Finance’s fUSDC.
In September 2023, Mantle, a Layer-two modular blockchain belonging to the Bybit exchange ecosystem, also entered RWA with the integration of Ondo Finance’s USD Yield (USDY).
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