Zodia Custody, a well-known crypto custody firm, has introduced a groundbreaking product called “Interchange Connect” that aims to facilitate effortless cryptocurrency transfers for institutional investors. This new offering is designed to create a “network of networks” by connecting different institutional crypto accounts, allowing for seamless transfer of digital assets and trade settlements across leading platforms like Metaco, Fireblocks, and Copper’s ClearLoop.
Scheduled to be available to customers in the first quarter of 2024, Interchange Connect addresses the challenges faced by institutional investors who need to transfer crypto assets between multiple accounts. By offering a secure and reliable solution, Zodia Custody aims to enhance the end-to-end service capabilities for these institutions. According to James Harris, the Chief Commercial Officer of Zodia Custody, this product significantly expands the possibilities for institutions, providing them with secure, reliable, and compliant end-to-end service capabilities.
Building upon the success of platforms like Copper’s ClearLoop, which have demonstrated the advantages of off-exchange settlement, Zodia Custody’s Interchange Connect aims to drive this trend forward further. By integrating with leading platforms, Zodia Custody enables institutions to conduct off-exchange transactions and settlements securely and efficiently.
Julian Sawyer on Collaborative Infrastructure Evolution
Julian Sawyer, the CEO of Zodia Custody, emphasizes the collaborative nature of evolving the digital asset infrastructure. He states, “No one party will be solely able to evolve the infrastructure underpinning the digital asset ecosystem — but together, we can provide the tools and services to bring digital assets into the mainstream.”
Initially announced by Standard Chartered and Northern Trust in 2021, Zodia Custody gained substantial support and raised $36 million in April of the same year. With backing from SC Ventures (Standard Chartered’s venture arm), SBI Holdings, and other undisclosed investors, the firm has established its presence in the institutional crypto custody space.
Zodia Custody continues to expand its services and reach a wider audience. Recently, the company integrated Metaco network’s global crypto storage services to offer sub-custody services for cryptocurrencies. This integration allows Metaco to store clients’ funds securely and provides the means to manage them, including initiating transfers via a user-friendly web interface.
In response to increasing institutional demand, Zodia Custody has also expanded its services in Hong Kong and extended its presence to Japan, Singapore, and Australia. These strategic moves demonstrate the company’s commitment to serving the institutional crypto custody market.
