UK’s Standard Chartered Bank Plans to Launch Crypto Brokerage Service in Ireland

British bank Standard Chartered will provide cryptocurrency brokerage services in Ireland through Zodia Custody. Digital asset custodian Zodia Custody will focus on institutional investors in Ireland, which has become a European base for many financial institutions and crypto companies.

Standard Chartered Bank to Provide Crypto Custody Services to Irish Institutions

The Irish Independent reported that Standard Chartered Bank's crypto brokerage Zodia Custody is planning to provide services to institutional investors in Ireland.

Zodia Custody is a cryptocurrency and digital asset exchange and brokerage firm established late last year by Standard Chartered Bank subsidiary SC Ventures and wealth management company Northern Trust. The report noted that Standard Chartered Bank and Northern Trust have both made significant investments in blockchain services over the past few years.

The joint venture specializes in managing digital and crypto asset investments for financial institutions. Since its launch in December 2020, it has attracted many pilot customers. Zodia Custody Limited is registered with the UK Financial Conduct Authority (FCA).

According to the announcement released at the time, Zodia will provide custody services for a variety of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), etc. Standard Chartered Bank's decision to create the platform was motivated by the growing interest of institutions in digital currencies, while noting that institutions only account for 9% of crypto investments.

In June, British banking giant Standard Chartered Bank announced that its subsidiary SC Ventures is working with BC Technology Group to establish a cryptocurrency exchange and brokerage services company, with the aim of providing cryptocurrencies such as Bitcoin and Ethereum to institutional and corporate clients. BC Technology Group is reportedly an investment company specializing in digital assets.

With its business-friendly environment, the Republic of Ireland has become a European base for financial institutions and fintech companies, including Bank of New York Mellon, which opened its Digital Innovation Hub in Dublin in May, and Goldman Sachs-backed fintech firm Blockdaemon, which has an office in Galway.

Ireland is a member of the European Union and has unimpeded access to the EU common market. Many companies in the cryptocurrency industry, including well-known digital asset exchange Kraken, have also established operations there.