Standard Chartered’s Zodia Markets Gains FCA Approval, Launches Crypto Services

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Zodia Markets announced Thursday the launch of its institutional crypto exchange and brokerage business as the platform gained a mandatory crypto asset registration from the UK’s Financial Conduct Authority (FCA).

“Whilst the digital asset markets have recently seen volatility and downward pressure, adoption continues unabated, with institutions entering the market at a rapid pace,” said Usman Ahmad, Chief Executive Officer at Zodia.

“At Zodia Markets, our mission is to be the most trusted trading partner for institutional participants as they navigate this rapidly evolving asset class.”

Zodia was established in 2021. It was formed with a partnership between Standard Chartered’s venture arm, SC Ventures, and BC Technology Group, a Hong Kon-listed digital asset company.

The offerings of the platform include execution services suitable for institutions, meaning executing large orders with high throughput. It also offers FIX API connectivity for crypto trading, maintaining the same standards of electronic trading of mainstream asset classes.

“Combining OSL’s deep expertise in operating regulatory compliant digital asset businesses and cutting-edge technology, with the bank’s governance, regulatory oversight, and frontier markets experience, Zodia Markets is in a prime position to provide secure, reliable, and compliant access to digital assets for its institutional client base,” said Alex Manson, Head of SC Ventures.

A Sister Custody Solution

Before establishing Zodia Markets, Standard Chartered also launched Zodia Custody in partnership with Chicago-based financial services company, Northern Trust. It aims to provide digital asset custodian services to institutions.

Zodia Markets tapped the services of Zodia Custody, among other third-party custody service providers, for supporting the trading activities.

“With our hugely experienced team of professionals from both the digital asset and traditional finance backgrounds, and by providing the highest standards of security, risk, and compliance integrated from inception, we meet the demands of institutions seeking a credible and reliable trading partner for crypto assets,” Ahmad added.

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