Standard Chartered’s Zodia Custody crypto firm now provides yield on crypto holdings.

Standard Chartered's Zodia Custody crypto firm now provides yield on crypto holdings.

Zodia Custody Partners with OpenEden to Offer Yield on Crypto Holdings

The blockchain and crypto industry continues to innovate and evolve, with new developments emerging almost every day. One recent development is the partnership between Zodia Custody, a leading crypto custody platform owned by banking giant Standard Chartered, and OpenEden, a Singapore-based startup focused on bringing real-world assets to the blockchain. This partnership aims to provide yield opportunities for institutional clients who hold digital assets in custody with Zodia.

By offering yield on crypto holdings, Zodia Custody is not only enhancing its services but also exposing its clients to transparent, liquid, and low-risk opportunities. This move aligns with Zodia Custody’s vision of bringing the benefits of the traditional market to the digital asset space in a safe, compliant, and regulatory-first manner. Through its partnership with OpenEden, Zodia Custody aims to enable its institutional clients to access yield products, including crypto staking.

The CEO of Zodia Custody, Julian Sawyer, highlights the significance of this partnership in bridging the gap between traditional finance and the blockchain industry. He believes that many aspects of traditional finance can be transitioned to digital assets, and his company is committed to facilitating this process for its clients. Sawyer explains, “Our first such partnership with OpenEden is exactly how we do this – by bringing access to yield products to our clients.”

OpenEden CEO Jeremy Ng also emphasizes the potential of this collaboration. He reveals that there are billions of dollars worth of stablecoins sitting idle that could be generating yield for investors. By leveraging the services of both Zodia Custody and OpenEden, clients can tap into this “huge opportunity” and use tokenized financial products to enter the digital asset market.

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This exciting partnership between Zodia Custody and OpenEden comes after Zodia raised approximately $36 million in a funding round earlier this year. The launch of Zodia Custody in Singapore further demonstrates their commitment to expanding their services and geographic presence. Singapore’s crypto and blockchain industry has shown promising growth, raising $1.2 billion in funding in the second half of 2022, according to a KPMG report.

Zodia Custody’s expansion to Singapore is well-timed, considering the regulatory landscape outlined by the Monetary Authority of Singapore (MAS). In August, MAS published regulatory guidelines for stablecoins, asserting its authority over stablecoins issued in Singapore. This framework ensures investor protection and stability, particularly for stablecoins pegged to the Singapore dollar or any G10 currency.

As the blockchain industry matures, the collaboration between traditional finance and blockchain-based startups becomes increasingly important. Zodia Custody’s partnership with OpenEden serves as an excellent example of how these synergies can bring value to clients. By unlocking yield opportunities for institutional investors and enabling them to leverage tokenized financial products, Zodia Custody and OpenEden are driving the evolution of the blockchain industry.

In summary, Zodia Custody’s collaboration with OpenEden signifies a crucial step forward in the blockchain industry. By offering yield on crypto holdings and connecting digital assets to real-world opportunities, Zodia Custody is pushing the boundaries of what is possible in the realm of digital finance. This partnership not only benefits institutional clients but also highlights the potential for traditional finance and blockchain to coexist harmoniously. With Zodia Custody leading the way, we can expect more exciting developments to come in the blockchain industry.

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