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Unlocking the Power of Crypto: Zodia Custody Partners with Ripple-Owned Metaco for Global Storage Network

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“I think of this as the third generation of crypto custody, where multiple custodians are linked together,” he said. “For example, a client in Brazil, who is a custodian, may want to store some assets in the UK, and they’re not currently in the UK. So they could use us as their sub-custodian and use our regulatory permissions, etc. I think the multiple networks that are out there are really key in terms of linking custodians together, and linking custodians to exchanges and venues in a compliant manner.”

Unlocking the Power of Crypto: Zodia Custody Partners with Ripple-Owned Metaco for Global Storage Network

Crypto assets have gained significant popularity in recent years, with the total market capitalization reaching over $2 trillion as of May 2021. With such an increase in demand and value, the need for secure and reliable custody solutions has become paramount. This is where Zodia Custody and Metaco come in- two major players in the digital asset custody space.

Zodia Custody, a digital asset custodian, recently announced its partnership with Metaco, a subsidiary of the renowned blockchain firm, Ripple. This strategic collaboration aims to create a global storage network for crypto assets, making it easier for institutional clients to securely store and manage their digital assets. So, let’s dive into this partnership and explore its potential to unlock the power of crypto.

Understanding Zodia Custody and Metaco

Zodia Custody is a joint venture between the UK-based Standard Chartered Bank and the US-based asset management company, Northern Trust. The custody solution offers secure storage, trading, and settlement services for institutional clients, including banks, hedge funds, and exchanges. The company is regulated by the UK’s Financial Conduct Authority (FCA) and adheres to the highest standards of security and compliance.

On the other hand, Metaco is a digital asset infrastructure provider that offers both security and institutional-grade digital asset solutions. The company has been a part of the Ripple group since 2018 and has developed a range of secure and scalable solutions for financial institutions, exchanges, and custodians.

Partnership for a Global Storage Network

The partnership between Zodia Custody and Metaco will see the integration of Metaco’s digital asset solution, SILO, into Zodia’s custody platform. SILO is a highly secure and scalable hot and cold storage solution that supports a wide range of crypto assets, including Bitcoin, Ethereum, and XRP. With this integration, Zodia’s clients will have access to Metaco’s institutional-grade custody solution, which is designed to provide maximum security for digital assets.

As a result, Zodia’s clients will benefit from the combination of Metaco’s highly secure storage technology and Zodia’s deep expertise in institutional custody services. This will enable them to facilitate secure and efficient trading, settlement, and management of their digital assets. Furthermore, the partnership also allows for the potential expansion of the platform to include additional digital assets in the future, providing clients with more diverse investment options.

Enhancing Security with Multi-Signature Authentication

Apart from the integration of Metaco’s SILO solution, Zodia also announced plans to adopt a multi-signature authentication model for its custody services. This technology requires multiple keys to authorize transactions, ensuring enhanced security and protection of clients’ digital assets. In addition, the multi-signature approach also mitigates the risk of human error and insider attacks, providing clients with peace of mind and trust in the custody process.

Benefits of the Zodia-Metaco Partnership

The partnership between Zodia and Metaco holds promising benefits for institutional clients and the crypto industry as a whole. Some of the key benefits include:

1. Greater Security: With Metaco’s highly secure SILO solution and Zodia’s adoption of multi-signature authentication, clients can be confident in the safe storage and management of their digital assets.

2. Increased Accessibility: The collaboration allows for the potential expansion of Zodia’s custody platform, making it easier for clients to access a range of digital assets through a single platform.

3. Enhanced Efficiency: The integration of Metaco’s SILO solution enables faster and more efficient trading and settlement of assets, enabling clients to take advantage of market opportunities quickly.

4. Improved Compliance: As Zodia is regulated by the FCA, the custody platform adheres to strict compliance standards, ensuring clients’ digital assets are in safe and trustworthy hands.

Real-World Applications and Case Studies

The partnership between Zodia and Metaco has already seen practical applications in the real world. In July 2020, Zodia announced its first-ever custodial client, SC Ventures, a subsidiary of Standard Chartered Bank. The collaboration saw the successful deployment of Metaco’s SILO solution for the secure storage of SC Ventures’ digital assets. This highlights the potential of the partnership to provide tangible benefits for institutional clients looking to invest in the crypto space.

Furthermore, the rise of institutional investors in the crypto market has seen a growing demand for safe and reliable custody services. With this partnership, Zodia and Metaco are well-positioned to cater to this demand and potentially unlock the power of crypto for institutional players in the market.

In conclusion, the partnership between Zodia Custody and Metaco holds great potential for the future of digital asset custody services. With Metaco’s secure and scalable SILO solution and Zodia’s deep expertise in institutional custody, clients can trust in the security, accessibility, and efficiency of their digital asset investments. This collaboration is a significant step towards unlocking the power of crypto and its integration into the traditional financial system.

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