LONDON & SINGAPORE--(BUSINESS WIRE)--Zodia Custody, a leading institution-first digital asset custodian, whose shareholders include Standard Chartered, SBI Holdings and Northern Trust, today announced a long-term strategic partnership with Parity Technologies, a leading contributor to Polkadot. The partnership will enable institutional access to the Polkadot ecosystem and in the longer term, broaden the Polkadot ecosystem’s institutional adoption via joint research and development initiatives.
The partnership’s first major implementation will see Zodia Custody provide custody services for the Polkadot ecosystem, enabling secure market access and bank-grade digital asset custody services for financial institutions. With respect to its activities in crypto assets and as a VASP, Zodia Custody is registered with the UK’s FCA, Ireland’s CBI and Luxembourg’s CSSF per each jurisdiction’s money laundering requirements. As a result, institutions are able to operate with higher levels of regulatory compliance and within a framework of enhanced security on a registered platform.
The next stage of the partnership will also enable financial institutions to stake DOT, the native token of Polkadot, whilst assets are held safely in cold storage within Zodia Custody, thereby broadening the reach of participation in the Polkadot ecosystem to institutions. The service has been designed to be as frictionless as possible and widen contribution to secure the decentralized Polkadot network.
“The gap between the world of digital assets and traditional finance is coming together, but strategic partnerships such as this one will help bridge that gap at scale,” said Julian Sawyer, CEO of Zodia Custody. “This partnership with Parity is essential to the future of this ecosystem by enabling future institutional participation. Together, we’re making Polkadot’s technology more accessible for institutions, while also bringing all the regulatory, governance, and security expertise we have as a bank-owned and registered entity.”
“This collaboration with Zodia Custody is a win-win,” said Björn Wagner, CEO of Parity Technologies. “It will allow financial institutions to actively participate in the Web3 future being built on Polkadot, and will also help the Polkadot ecosystem to engage directly with institutions. By tapping into Zodia Custody’s deep expertise as leaders in the digital asset custody space, this relationship will undoubtedly boost innovation, participation, and adoption across Polkadot.”
Zodia Custody’s work with Parity will also see the digital asset custodian support the long term evolution and growth of the Polkadot ecosystem. This includes educating institutions about Polkadot technology via cross-collaboration research and development. Zodia Custody will also support various Parity and Polkadot global initiatives.
About Zodia Custody
Zodia Custody is the leading institution-first digital asset custodian by Standard Chartered, in association with Northern Trust and SBI Holdings. It enables institutional investors around the globe to realise the full potential of the digital asset future – simply, safely, and without compromise. Through the combination of leading technology, custody, governance and compliance, Zodia Custody satisfies the complex needs of institutional investors.
Zodia Custody implements the requirements of the 5AMLD and applies the same standards as Standard Chartered relating to AML, FCC, and KYC. It implements the requirements of the FATF Travel Rule. Zodia Custody Limited is registered in the UK with the FCA as a crypto asset business under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. Zodia Custody (Ireland) Limited is registered with the Central Bank of Ireland as a VASP under Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended). Zodia Custody (Ireland) Limited was established in Ireland in August 2021. Zodia Custody Limited is registered with the CSSF in Luxembourg as a Virtual Asset Service Provider in accordance with article 7-1 (2) of the law dated 12 November 2004 on the fight against money laundering and terrorist financing, as amended.
Polkadot is the blockspace ecosystem for boundless innovation. It enables Web3’s biggest innovators to get their ideas to market fast, with flexible costs and token options. By making blockchain technology secure, composable, flexible, efficient, and cost-effective, Polkadot is powering the movement for a better web.
About Parity Technologies
Parity Technologies Ltd is a software development company and collective of tech experts who are passionate about building an internet that belongs to everyone. Comprised of some of the world’s leading blockchain innovators, core engineers, Rust developers, and solutions architects, Parity has offices in Berlin, London, Lisbon, and Singapore. Working with the Web3 Foundation, Parity successfully completed the launch of Polkadot in 2021 and continues to be a leading contributor to the network.