Zodia Custody, a cryptocurrency storage provider, has announced its collaboration with Metaco's network, a Ripple-owned custody specialist.

Designed to handle the safekeeping and settlement of digital assets for institutions worldwide, the Metaco network offers a secure environment for crypto storage and eliminates counterparty risk.

Coindesk noted that this move comes in response to the growing popularity of crypto storage and settlement networks, particularly after the notable failures experienced by companies like FTX in the previous year.

Zodia's Integration with Metaco Network

Zodia's decision to join the Metaco network aims to provide global sub-custody services. When an institution prefers to engage an external custodian to hold its assets, this arrangement is called sub-custody. Zodia Custody CEO Julian Sawyer explains that integrating with Metaco's network allows custodians from different regions to collaborate seamlessly.

For instance, a custodian in Brazil may opt to store assets in the UK, utilizing Zodia as their sub-custodian and leveraging its regulatory permissions. Multiple networks facilitate compliant linking between custodians, exchanges, and venues.

Zodia Custody, backed by Standard Chartered and headquartered in the UK, Ireland, and Luxembourg, has recently established its presence in Singapore. This expansion signifies the company's determination to provide global custodial solutions.

Furthermore, Zodia Markets, supported by Standard Chartered, has received preliminary approval to operate as an over-the-counter (OTC) crypto broker-dealer in Abu Dhabi. These developments further enhance Zodia's position as a reliable player in the crypto custody space.

Zodia Custody CEO Julian Sawyer acknowledges that the infrastructure of the crypto custody landscape is rapidly evolving, mirroring the practices observed in traditional finance. Various types of networks are emerging, such as the Copper Clear Loop system, which recently partnered with BitGo's Go network. Similarly, Fireblocks has developed self-custody off-exchange systems. Zodia Custody, through its Interchange network, intends to contribute to this evolving landscape.

The Importance of Being Backed by Standard Chartered

According to Crowd Fund Insider, Sawyer emphasized that being backed by a bank is not just a tremendous advantage to their credentials; it also gives them unparalleled insights into the specific needs of financial institutions in digital assets. They possess a profound understanding of the requirements regarding regulation, compliance, and security that these institutions expect.

Consequently, Zodia Custody can establish a solid foundation of trust when communicating with financial institutions, which is of paramount importance. In the unlikely event of a worst-case scenario, such as an exchange going insolvent or falling victim to a cyberattack, clients can rest assured that their assets will remain safe. This level of security applies even if Zodia Custody were to face insolvency.

With Zodia Custody's bank-backed expertise, adds Sawyer, they guarantee peace of mind and unrivaled protection for your assets.

Metaco's Continued Success

Metaco, the Ripple-owned custody specialist, continues to attract attention from prominent financial institutions.

Earlier this year, it onboarded HSBC as a client, further solidifying its position as a leading provider of custody technology services. Metaco's strong track record in crypto asset custody makes it an attractive choice for institutions seeking secure and reliable custodial solutions.

Photo: Zodia Custody Newsroom