Zodia Custody, the crypto-focused arm of British giant Standard Chartered, is taking an important step. Accordingly, it marks a significant move in the crypto custody space. It is also preparing to offer return opportunities for corporate customers. This development comes as Zodia Custody has partnered with OpenEden, a startup that specializes in bridging the gap between crypto assets and real-world return expectations.
Link between crypto custody and real-world returns
The collaboration between Zodia Custody and OpenEden attracts attention. Accordingly, it enables corporate customers to earn returns from their crypto assets. Thus, it aims to revolutionize the crypto world. This initiative also provides institutions with access to staking services. On the other hand, it further expands its options in the crypto ecosystem.
Julian Sawyer, CEO of Zodia Custody, highlighted the potential for traditional finance applications to transition into the digital assets space. He highlighted the challenge of providing a safe, compliant and regulatory-focused approach to delivering these benefits. The partnership with OpenEden gives Zodia Custody customers access to yield products. It thus represents a strategic step in achieving this goal.
The ongoing development of Zodia Custody
Zodia Custody, an initiative of Standard Chartered and Northern Trust, was introduced in 2021. Its commitment to innovation and expansion stands out. At issue is its recent joint venture with SBI Digital Asset Holdings, which is building a crypto custody business in Japan. What’s more, the firm raised $36 million in financing earlier this year, reflecting growing interest in its services.
Zodia Markets, an institutional trading platform and sister company to Standard Chartered’s crypto-focused arm Zodia Custody, has also announced plans to strengthen its presence in the US amid growing institutional demand.
The rise of real-world asset integration
The concept of connecting dormant crypto assets to real-world assets (RWA) is gaining momentum in the cryptocurrency community. Recently, Helix, a startup incubated by Helicap in Singapore, raised $2 million in funding for its real-world assets protocol. Singapore-based OpenEden, founded by former Gemini executives Jeremy Ng and Eugene Ng, has taken a similar approach. They aim to bring significant return potential to stablecoin assets by tokenizing US Treasury Bills.
Jeremy Ng, co-founder of OpenEden, speaks on the subject. It highlights its untapped potential to generate returns from currently dormant stablecoins. When we look at Kriptokoin.com, it is noteworthy that Zodia Custody has recently entered the Singapore market. This underlines the growing demand for robust crypto custody services in the region. The crypto industry continues to evolve. On the other hand, there is a remarkable aspect of such partnerships between Zodia Custody and OpenEden. This reflects a growing effort to unlock new opportunities for institutional crypto assets.
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