London-based crypto custodian Zodia Custody is rolling out a new service to protect client assets from exchange insolvency.
The new service, Interchange, will enable clients to keep assets through Zodia Custody and then mirror those holdings on an exchange, according to a company release. Zodia Custody’s sister company, Zodia Markets, will leverage this service.
“Zodia Custody’s key principles have always evolved around asset safety, segregation between custody and trading, and the effective management of counterparty risk,” said Maxime de Guillebon, CEO of Zodia Custody, in the release. “The difficulties crypto investors have endured over the last year have exacerbated how critical these principles are today. At Zodia Custody, we believe that such a solution, like Interchange, is not optional, but mandatory.”
Zodia Custody is a subsidiary of UK investment bank Standard Chartered and backed by Northern Trust.
SC Ventures, Standard Chartered’s innovation and ventures unit, partnered with Northern Trust to begin working on Zodia in December 2020. Chicago-based Northern Trust held $12.8 trillion in assets under custody as of September 2022, according to its website.
Established last year, Zodia Custody is registered with the FCA as a crypto asset business.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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