The British lender, through its innovation unit SC Ventures, has entered a partnership with Northern Trust to tap into the growing demand for cryptocurrencies.
The partnership has agreed to launch Zodia Custody, an institutional-grade custody solution for cryptocurrencies, according to a statement, subject to registration with regulators in the U.K.
If approved, the custody platform will initially offer services – including transaction and settlement – for Bitcoin and Ethereal followed by XRP, Litecoin and Bitcoin Cash which in total make up around 80 percent of total assets traded on crypto exchanges.
The platform is expected to launch in London in 2021.
Pre-Mainstream
A growing number of global financial institutions are expressing an increasing amount of optimism about the future of decentralized blockchain-based currencies.
DBS, was also recently considering an entrance into the market through the potential launch of its own crypto exchange in Singapore.
