Standard Chartered’s crypto division, Zodia Custody, has launched a new service that allows crypto investors to earn passive income from their digital assets. The subsidiary, which specializes in storing institutional crypto assets, has partnered with Singapore-based blockchain technology provider OpenEden for its Zodia Custody Yield program. This program offers staking services to institutional clients, aiming to provide low-risk, liquid, and transparent digital asset products.
The partnership between Zodia and OpenEden focuses on meeting the demand for yield opportunities for stablecoin holders. OpenEden co-founder Jeremy Ng highlights the billions of dollars worth of stablecoins that are currently not being utilized and could be generating yields. Both Zodia Custody and OpenEden aim to bring these opportunities to institutions through their respective service platforms. They believe that tokenized financial products can allow issuers and investors to safely and transparently enter the digital asset market.
Zodia recently made headlines by becoming the first bank-owned entity to offer digital asset custody services for financial institutions in Singapore. This launch of the Zodia Custody Yield program and partnership with OpenEden further cements its position in the crypto industry.
As the cryptocurrency market continues to grow and mature, there is an increasing need for reliable and secure services to support institutional investors. Zodia Custody’s offering addresses this demand by allowing institutions to generate passive income from their crypto assets. The partnership with OpenEden enhances their service by providing access to real-world yield from US Treasury bills, ensuring on-chain security and transparency.
This development is another example of traditional financial institutions embracing the potential of cryptocurrencies and blockchain technology. By offering services such as digital asset custody and staking, banks like Standard Chartered are recognizing the value and growing interest in the crypto market. As more institutional investors enter the space, services like Zodia Custody’s will become increasingly important to meet their unique needs and provide them with reliable and profitable opportunities.
However, it is important for investors to exercise caution and conduct thorough due diligence before engaging in high-risk investments in the crypto market. While the potential for passive income from digital assets is exciting, it is crucial to understand the associated risks and make informed decisions.
In conclusion, Standard Chartered’s crypto arm, Zodia Custody, has partnered with OpenEden to offer a new service that allows institutional clients to generate passive income from their digital assets. This move highlights the increasing interest in the crypto market and the need for reliable services to support institutional investors. As the crypto industry continues to evolve, it will be interesting to see how traditional financial institutions adapt and embrace the potential of cryptocurrencies and blockchain technology.