Core Viewpoint - Standard Chartered has been appointed as the digital asset custodian for 21Shares, indicating a trend of traditional financial institutions entering the cryptocurrency market by providing regulated custody solutions for digital assets [1][6]. Group 1: Partnership Details - The partnership between Standard Chartered and 21Shares highlights the increasing involvement of traditional finance in the crypto sector, with Standard Chartered providing bank-grade custody for 21Shares' cryptocurrency exchange-traded products (ETPs) [1]. - Standard Chartered's custody platform is regulated in Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF), ensuring a secure and compliant solution for institutional investors in Europe [2]. Group 2: Strategic Implications - Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered, emphasized the bank's commitment to providing top safety and compliance standards for digital asset custody services [3]. - The transition from Zodia Custody to Standard Chartered raises questions about 21Shares' strategy, suggesting a desire to align more closely with traditional finance [4][5]. Group 3: Industry Trends - The appointment of Standard Chartered as custodian reflects a broader trend of traditional banks integrating regulated infrastructure with the crypto market to meet institutional demands for security and compliance [6]. - 21Shares manages approximately $8 billion in assets and focuses on physically backed crypto ETPs, indicating its significant role in the evolving digital asset landscape [5].
Standard Chartered Becomes Digital Asset Custodian for 21Shares Crypto ETPs