$819,000,000,000 British Bank Launches New Staking Service Under Its Crypto Arm
British bank Standard Chartered’s crypto arm Zodia Custody just rolled out a new service that will enable crypto investors to generate passive earnings from their digital assets.
The subsidiary in the business of storing institutions’ crypto assets says it struck a deal with Singapore-based blockchain technology provider OpenEden for the Zodia Custody Yield program that will provide staking services to institutional clients.
Zodia says the partnership seeks to address the demand for digital asset products that are low-risk, liquid and transparent.
“Institutions will benefit from having access to the potential of real-world yield from US Treasury bills enabled by OpenEden’s platform, which provides on-chain security and transparency on real world assets managed by regulated fund managers.”
OpenEden co-founder Jeremy Ng says the program aims to provide yield opportunities for holders of stablecoins.
“There are billions of dollars worth of stablecoins sitting on the sidelines when they could easily be generating yields for investors. That’s a huge opportunity and one that we and Zodia Custody hope to bring to institutions through our respective service platforms which will allow issuers and investors to enter the digital asset market through tokenized financial products, in a way that is both safe and transparent.”
Zodia announced the launch of the new product and its partnership with OpenEden after becoming the first bank-owned entity to provide digital asset custody services for financial institutions in Singapore.
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Author: Rhodilee Jean Dolor
