Zodia Custody, a cryptocurrency storage provider backed by Standard Chartered, has announced that it is joining Metaco’s global network of crypto custody specialists. Metaco is a Swiss-based company that offers a platform for institutional clients to securely store and manage their digital assets. Zodia Custody will leverage Metaco’s technology to provide enhanced security, interoperability, and scalability for its customers.
Zodia Custody is a joint venture between Standard Chartered, a British multinational bank, and Northern Trust, a U.S. bank that provides wealth management and asset servicing. Zodia Custody was launched in 2021 as a crypto custody subsidiary of Standard Chartered, aiming to provide institutional-grade storage solutions for cryptocurrencies such as Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash.
Zodia Custody is one of the few crypto custodians that are backed by a global bank, which gives it a competitive edge in terms of regulatory compliance, risk management, and customer trust. Zodia Custody is registered with the U.K.’s Financial Conduct Authority (FCA) and operates in Europe and Asia. Zodia Custody also has a joint venture with SBI Holdings, a Japanese financial conglomerate, to offer crypto custody services in Japan, one of the most advanced and regulated markets for digital assets.
Metaco: A Platform for Crypto Custody and Management
Metaco is a company that provides a platform for institutional clients to securely store and manage their digital assets. Metaco’s platform, called SILO, integrates with various crypto custody providers, exchanges, and blockchain networks, enabling clients to access a wide range of services and products in the crypto ecosystem. Metaco’s platform also offers features such as multi-signature security, hot and cold storage, transaction monitoring, and reporting.
Metaco is backed by several prominent investors, including Standard Chartered, Swisscom, Avaloq, and Deutsche Börse. Metaco also has partnerships with leading banks and financial institutions, such as BBVA, Gazprombank, and SEBA Bank. Metaco’s platform is used by over 50 clients across 20 countries, according to its website.
The Benefits of the Partnership
By joining Metaco’s network, Zodia Custody will be able to offer its customers more options and flexibility in terms of crypto custody and management. Zodia Custody will be able to integrate with Metaco’s platform and access its features and functionalities, such as:
- Security: Metaco’s platform uses a combination of hardware and software security modules to protect the private keys and transactions of its clients. Metaco’s platform also supports multi-signature schemes, which require multiple approvals from different parties before executing a transaction. This reduces the risk of theft, fraud, or human error.
- Interoperability: Metaco’s platform connects with various crypto custody providers, exchanges, and blockchain networks, allowing its clients to seamlessly move and trade their digital assets across different platforms and protocols. Metaco’s platform also supports cross-chain transactions, which enable clients to transfer value between different blockchains without intermediaries.
- Scalability: Metaco’s platform is designed to handle high volumes of transactions and assets, without compromising on security or performance. Metaco’s platform also uses a distributed ledger technology (DLT) architecture, which enables faster and cheaper transactions than traditional systems.
The partnership will also benefit Metaco, as it will expand its network and reach to more institutional clients, especially in the Asian market, where Zodia Custody has a strong presence. Metaco’s CEO, Adrien Treccani, said:
“We are delighted to welcome Zodia Custody to our network of partners. Zodia Custody is a pioneer in the crypto custody space, and we are proud to support their growth and innovation. Together, we will offer institutional clients a best-in-class solution for crypto storage and management, with the highest standards of security, interoperability, and scalability.”
The Future of Crypto Custody and Storage
The partnership between Zodia Custody and Metaco reflects the growing demand and adoption of crypto custody and storage solutions by institutional investors. As more institutional clients enter the crypto space, they need reliable and compliant platforms that can safeguard their digital assets and enable them to access the opportunities and benefits of the crypto ecosystem.
Zodia Custody and Metaco are among the leading players in the crypto custody and storage market, which is expected to grow significantly in the coming years. According to a report by Research and Markets, the global crypto custody market size is projected to reach $39.7 billion by 2026, growing at a compound annual growth rate (CAGR) of 11.7% from 2021 to 2026.
The report also identifies some of the key drivers and challenges for the crypto custody market, such as:
- Drivers: The increasing popularity and adoption of cryptocurrencies, the rising need for secure and compliant storage solutions, the growing investment and innovation in the crypto space, and the emergence of new use cases and applications for digital assets.
- Challenges: The lack of standardization and regulation in the crypto space, the high risk of cyberattacks and hacking, the complexity and volatility of the crypto market, and the lack of awareness and education among potential customers.
The partnership between Zodia Custody and Metaco is a positive sign for the crypto custody and storage industry, as it shows that both companies are committed to overcoming these challenges and providing their customers with the best possible solutions for their crypto needs.
