Zodia Custody announced the launch of a digital asset custody platform for institutional clients in Australia.
The platform will serve as a portal facilitating the connection of institutions to digital asset exchanges and enable the secure storage of their assets in bank-grade cold wallet storage, according to an announcement.
"Our expansion into Australia is integral to our core mission, to provide safe, secure access for institutions to not only safely access the opportunities digital assets bring, but to increase their exposure, safely,” Zodia Custody CEO Julian Sawyer said.
Sawyer emphasized the significance of expanding into Australia. "An estimated 26% of Australians hold digital assets, totaling the equivalent of $21.6 billion currently held via cryptocurrency exchanges and custodial solutions. Responsible institutional adoption is key to ensuring this growing industry is safe and secure for all. Institutions need bank-grade infrastructure to responsibly participate," Sawyer said.
The SAF3 platform was launched on Monday by a new subsidiary called Zodia Custody Australia. The subsidiary of Zodia Custody said it will roll out SAF3 as well as an enhanced suite of services in 2024, to allow institutions to manage their digital asset activities on one platform. "Our technology and risk management infrastructure housed within the SAF3 platform was built from the ground up for institutions by institutions, such as regulated banks,” Sawyer added.
Collaboration with Australia's largest business bank
The announcement added that NAB, Australia’s largest business bank, has collaborated with Zodia Custody via a proof of concept designed to test the bank-grade specifications of the SAF3 platform. "Over a nine-week period, we tested Zodia’s integration and compliance capabilities, technology, and governance processes.
"This included testing Zodia’s unique approach to a real-time air-gapped cold wallet capability and the new all-in-one digital assets platform experience, SAF3," NAB Chief Innovation Officer Howard Silby said.
Zodia Custody, whose shareholders include Standard Chartered, SBI Holdings, and Northern Trust, is the first bank-backed digital asset custodian to receive registration with the UK’s Financial Conduct Authority. The launch in Australia also follows the custodian’s recent entry into the Singapore market in September.
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