Just-In: Standard Chartered-Backed Zodia Custody Partners 21Shares for Crypto ETP

Zodia Custody, a leading digital asset custodian, has partnered with crypto ETP issuer 21Shares, as per sources familiar with the matter. Standard Chartered-backed crypto custody provider has become the main custodian for 21Shares’ crypto exchange-traded products (ETP) in Switzerland and the European market.

21Shares and Zodia Custody Announces Key Partnership

21Shares has signed a partnership with Zodia Custody to provide custody services for physically backed digital asset ETP in Switzerland and in the broader European market, the company said in an email to CoinGape on June 25.

Zodia Custody, backed by Standard Chartered, SBI Holdings, Northern Trust and National Australia Bank, has been preferred by institutions for enhanced security and expert custody services for their crypto. Institutions investing in 21Shares ETP will also benefit from cold-storage wallets, with instant access to move their digital assets in the market.

“We’ve listened. That’s why we have partnered with true market leaders in the ETP digital asset space, 21Shares, to deliver a partnership that will have a real impact on the whole ecosystem – without any compromise on security, risk management, or compliance,” said Julian Sawyer, CEO of Zodia Custody.

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Crypto ETP Prepares for Massive Adoption

Digital asset exchange-traded products (ETPs) including exchange-traded funds (ETFs) such as the spot Bitcoin ETF sparked massive institutional investments in crypto.

As per 21Shares, 937 professional investors owned $11 billion in US spot Bitcoin ETFs, accounting for nearly 20% of the ETFs’ total assets until Q1 2024. The adoption is 10% larger as compared to adoption recorded by Gold ETFs in their first quarter-post launch.

However, institutional investments in Bitcoin ETPs dropped significantly in the last 2 weeks. CoinShares reported that digital asset investment products have recorded $1.2 billion in outflows in two weeks.

Crypto market sentiment has dropped from greed to fear as Bitcoin price tumbled below $60k. BTC price currently trades at $61,017, down 0.26% at press time. The 24-hour low and high are $58,601 and $62,900, respectively. Some investors are buying the dip.

Also Read: Germany’s Govt Dumps 400 BTC to Coinbase And Kraken