Zodia Custody, a leading digital asset custodian, has partnered with crypto ETP issuer 21Shares, as per sources familiar with the matter. Standard Chartered-backed crypto custody provider has become the main custodian for 21Shares’ crypto exchange-traded products (ETP) in Switzerland and the European market.
21Shares and Zodia Custody Announces Key Partnership
21Shares has signed a partnership with Zodia Custody to provide custody services for physically backed digital asset ETP in Switzerland and in the broader European market, the company said in an email to CoinGape on June 25.
Zodia Custody, backed by Standard Chartered, SBI Holdings, Northern Trust and National Australia Bank, has been preferred by institutions for enhanced security and expert custody services for their crypto. Institutions investing in 21Shares ETP will also benefit from cold-storage wallets, with instant access to move their digital assets in the market.
“We’ve listened. That’s why we have partnered with true market leaders in the ETP digital asset space, 21Shares, to deliver a partnership that will have a real impact on the whole ecosystem – without any compromise on security, risk management, or compliance,” said Julian Sawyer, CEO of Zodia Custody.
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Crypto ETP Prepares for Massive Adoption
Digital asset exchange-traded products (ETPs) including exchange-traded funds (ETFs) such as the spot Bitcoin ETF sparked massive institutional investments in crypto.
As per 21Shares, 937 professional investors owned $11 billion in US spot Bitcoin ETFs, accounting for nearly 20% of the ETFs’ total assets until Q1 2024. The adoption is 10% larger as compared to adoption recorded by Gold ETFs in their first quarter-post launch.
However, institutional investments in Bitcoin ETPs dropped significantly in the last 2 weeks. CoinShares reported that digital asset investment products have recorded $1.2 billion in outflows in two weeks.
Crypto market sentiment has dropped from greed to fear as Bitcoin price tumbled below $60k. BTC price currently trades at $61,017, down 0.26% at press time. The 24-hour low and high are $58,601 and $62,900, respectively. Some investors are buying the dip.
Also Read: Germany’s Govt Dumps 400 BTC to Coinbase And Kraken
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
One of the world’s largest publicly listed Bitcoin miner Marathon Digital has selected Standard Chartered-backed Zodia Custody for digital asset custody services outside the United States. Zodia Custody recently joined Metaco’s global crypto storage network to provide companies with easy access to crypto storage and settlement, with comprehensive security.
Marathon Digital Selects Standard Chartered Backed Zodia Custody
In a press release on April 29, Bitcoin miner Marathon Digital Holdings reported selecting Zodia Custody, which is backed by Standard Chartered, SBI Holdings and Northern Trust. The moves comes as Marathon Digital announced plans to acquire bitcoin miners, sites or companies as a result of reduced rewards after Bitcoin halving.
The partnership will offer a valuable layer of diversification in Marathon’s custody solutions. In addition, it will deliver additional risk management assurances such as insolvency-remoteness and secure cold-wallet storage.
“We share many of the same values and ambitions for the future of the ecosystem, making us an excellent fit. As Marathon’s fourth custodian, we bring in greater diversification, and risk management – exactly what the ecosystem needs, said Julian Sawyer, CEO of Zodia Custody.
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Industry-Grade Crypto Custody Services Zodia Custody
Marathon said the key reasons to select Zodia Custody are the company’s compliance and reputation in the market as a leading institutional digital asset custody provider.
Standard Chartered’s Zodia Custody offers institutional clients across multiple industries including digital asset mining. Salman Khan, chief financial officer at Marathon Digital, asserts the latest partnership between the companies is a step toward supporting the growth of this particular ecosystem.
Miners believe Bitcoin price rally in this bull market is expected to provide miners with necessary capital to grow and expand their business as block reward is halved after Bitcoin halving.
BTC price fell 2% in the past 24 hours, with the price currently trading at $62,628. The 24-hour low and high are $61,955 and $63,935, respectively. However, the trading volume has increased by 25% in the last 24 hours, indicating a rise in interest among traders.
Also Read: 10 Catalysts to Watch As Bitcoin Price and Crypto Market Retreats
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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