Author: Ryan Weeks, The Block; Translation: Song Xue, LianGuai
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Zodia Custody is partnering with OpenEden, a startup focused on bringing real-world assets onto the blockchain.
Standard Chartered’s cryptocurrency division, Zodia Custody, will begin offering its institutional clients the ability to earn returns on their cryptocurrency assets for the first time.
Julian Sawyer, CEO of Zodia Custody, said in a statement: “There is a lot from traditional finance that can be moved into the digital asset space. The challenge is how you bring some of the benefits to the world in a secure, compliant, and regulatory-first way.” “This first-of-its-kind partnership with OpenEden is about offering yield products to our clients.”
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In 2021, Standard Chartered and asset servicing company Northern Trust launched Zodia Custody. Earlier this year, it announced a joint venture with SBI Digital Asset Holdings to offer custody services in Japan. In April, it raised $36 million from investors including SC Ventures, the venture capital arm of Standard Chartered, and SBI Holdings.
Zodia Custody also has a sister company, an institutional trading platform called Zodia Markets, which outlined plans earlier this year to accelerate its expansion in the US due to increased institutional demand.
RWA Speculation Heating Up
The idea of connecting idle cryptocurrencies with real-world assets (RWAs) has recently gained traction in the cryptocurrency community. Helix, a startup incubated by Singaporean private credit firm Helicap, recently raised $2 million in seed funding for its real-world asset protocol.
Based in Singapore, OpenEden was founded by Jeremy Ng and Eugene Ng, who previously led Gemini’s operations in the Asia-Pacific region and business development in the region, respectively. They left the company in December 2021. OpenEden, which emerged in April this year, announced plans to put tokenized US government bonds on the blockchain.
Co-founder Jeremy Ng said in a statement today: “Stablecoins worth billions of dollars are sitting idle when it’s easy for investors to earn a return.”
Zodia Custody recently announced its entry into the Singapore market and said that the demand for bank-grade cryptocurrency custody services in the region is growing.
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