March 28, 2024

The largest bank of England will start to provide services for storing cryptocurrencies

The largest bank of England will start to provide services for storing cryptocurrencies

One of the largest financial institutions in the world will begin to provide services for storing cryptocurrency assets2021.

British multinational bank Standard Chartered, one of the five largest banks in the UK, will startThe bank announced this in an official press release.

A new cryptocurrency custodian called Zodia Custody has been created as part of a collaboration between venture capital arm SC Ventures and asset manager Northern Trust.

The castodian is expected to begin providing institutional virtual asset storage services as early as next year.

Trend-appropriate

According to the press release, the custodian will initially hold the most commonly used cryptocurrency assets:

  • Bitcoin (BTC),
  • Ethereum (ETH),
  • Ripple (XRP),
  • Litecoin (LTC),
  • Bitcoin Cash (BCH).

The bank claims that these assets account for approximately 80% of thetotal demand in the cryptocurrency market.

About the possible launch of a crypto-orientedservice was previously announced by Standard Chartered CEO Bill Winters. Then the head of the British bank said that in the new economy, a special place will be occupied not only by central bank digital currencies (CBDC), but also by virtual assets not sponsored by regulators.

The trend for banking crypto custodians began to gain momentum after the US Office of the Currency Exchange (OCC) allowed financial institutions to hold their clients' virtual assets.

However, those who disagree with legalizationThe cryptocurrency market has already called on Joe Biden to strengthen regulation of cryptocurrencies in the United States. For example, US Representative Maxine Waters called on Biden to tighten controls or reverse some of the cryptocurrency regulations previously passed by the OCC.

The largest bank of England will start to provide services for storing cryptocurrencies

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