Zodia Custody, a number one digital asset custodian, has partnered with crypto ETP issuer 21Shares, as per sources accustomed to the matter. Standard Chartered-backed crypto custody supplier has develop into the primary custodian for 21Shares’ crypto exchange-traded merchandise (ETP) in Switzerland and the European market.
21Shares and Zodia Custody Announces Key Partnership
21Shares has signed a partnership with Zodia Custody to offer custody companies for bodily backed digital asset ETP in Switzerland and within the broader European market, the corporate stated in an electronic mail to CoinGape on June 25.
Zodia Custody, backed by Standard Chartered, SBI Holdings, Northern Trust and National Australia Bank, has been most popular by establishments for enhanced safety and professional custody companies for their crypto. Institutions investing in 21Shares ETP will even profit from cold-storage wallets, with prompt entry to maneuver their digital property available 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,” stated Julian Sawyer, CEO of Zodia Custody.
Also Read: Luna Foundation Guard Moving Crypto Holdings, What’s Happening?
Crypto ETP Prepares for Massive Adoption
Digital asset exchange-traded merchandise (ETPs) together with exchange-traded funds (ETFs) such because the spot Bitcoin ETF sparked huge institutional investments in crypto.
As per 21Shares, 937 skilled traders owned $11 billion in US spot Bitcoin ETFs, accounting for almost 20% of the ETFs’ whole property till Q1 2024. The adoption is 10% bigger as in comparison with adoption recorded by Gold ETFs of their first quarter-post launch.
However, institutional investments in Bitcoin ETPs dropped considerably within the final 2 weeks. CoinShares reported that digital asset funding merchandise have recorded $1.2 billion in outflows in two weeks.
Crypto market sentiment has dropped from greed to worry as Bitcoin worth tumbled beneath $60k. BTC price at the moment trades at $61,017, down 0.26% at press time. The 24-hour high and low are $58,601 and $62,900, respectively. Some traders are shopping for the dip.
Also Read: Germany’s Govt Dumps 400 BTC to Coinbase And Kraken
The offered content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability for your private monetary loss.
