For enhanced security and efficiency in digital asset lending, Standard Chartered backed Zodia Custody announced a strategic partnership with Maple Finance, a prominent crypto lending platform.
But that is not all.
According to a Bloomberg report, the British multinational bank’s crypto subsidiary is also in the process of acquiring part of a digital-asset business backed by billionaire hedge fund manager Alan Howard.
Read more: The Always Up-to-Date Guide to the Best Bitcoin Exchanges (2024)
Zodia And Maple Combine Strengths
Both Zodia Custody and Maple Finance are geared towards serving institutional clients.
Commenting on the Maple alliance, Julian Sawyer, CEO of Zodia Custody said, “For investors, maximising returns is paramount — but so is security.”
Meanwhile, Ryan O’Shea, COO of Maple Finance also commented on the partnership and said, “Together we are advancing the infrastructure and cultivating the borrowing and lending solutions institutions need to bring more assets on-chain, with more security, more options, and more transparency.”
On 9 July 2024, both Zodia and Maple took to X to announce the collaboration.
We’re excited to announce our partnership with @maplefinance , an innovative leader in the digital asset lending and borrowing space.
The partnership sees Maple utilising Zodia Custody as a preferred custodian for global lending arrangements. pic.twitter.com/qAyuRHYHpE
— Zodia (@ZodiaCustody) July 9, 2024
The partnership represents further optionality and diversity of choice for customers to connect with vetted partners, the press release stated.
Zodia Eyes Elwood Capital Management
Mainstream media reports suggest that Zodia Markets is nearing an agreement to buy Jersey-based Elwood Capital Management Ltd. Elwood is known for offering over-the-counter trading and settlement services.
scoop: Standard Chartered’s crypto subsidiary Zodia Markets is in talks to acquire part of Elwood Technologies, a digital-asset business backed by billionaire hedge fund manager Alan Howard
story w/ @RyanJamesWeeks https://t.co/VKQ7b2Zin3
— Emily Nicolle (@emilyjnicolle) July 9, 2024
Furthermore, it has been revealed that the deal is expected to be completed this month.
According to the market, this deal could provide Zodia access to new licenses and open new markets for the company.
The 2021 established crypto arm can also expand its OTC settlements
However, Zodia’s services were shuttered earlier this year due to the struggling demand for cryptocurrency products.
Read more: How to Buy Ethereum in 2024 – Simple Guide for Beginners
Standard Chartered’s Growing Interest In crypto
Recently, it was reported that the famous bank is looking to launch a dedicated Bitcoin trading desk.
If Standard Chartered’s crypto desk materialises, it would make it one of the first financial institutions to be directly involved with spot crypto trading.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
