London & Singapore — Zodia Custody, a preeminent institution-centric digital asset custodian boasting shareholders such as Standard Chartered, SBI Holdings, and Northern Trust, has announced a transformative, long-term alliance with Parity Technologies, a leading contributor to the Polkadot ecosystem. This strategic partnership signifies a significant step towards opening the doors of the Polkadot ecosystem to institutional players while concurrently advancing institutional adoption through collaborative research and development ventures.
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The inaugural phase of this partnership revolves around Zodia Custody providing custody services for the Polkadot ecosystem. This move ensures secure market entry and endows financial institutions with bank-grade digital asset custody services.
Zodia Custody, as a Virtual Asset Service Provider (VASP), holds registrations with regulatory bodies such as the UK's FCA, Ireland's CBI, and Luxembourg's CSSF, conforming to stringent anti-money laundering regulations. Consequently, institutions can operate within an environment of heightened regulatory compliance and fortified security on a reputable and registered platform.
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� A new long-term strategic partnership between @ZodiaCustody and @paritytech will enable institutional access - including staking - to the Polkadot ecosystem! pic.twitter.com/BO8hocrI73
The partnership's subsequent phase will empower financial institutions to stake DOT, Polkadot's native token, while safeguarding these assets in cold storage within Zodia Custody. This development widens the spectrum of participation in the Polkadot ecosystem for institutions, rendering the process as frictionless as possible and contributing to the security of the decentralized Polkadot network.
Julian Sawyer, CEO of Zodia Custody, aptly articulated the convergence of the digital asset realm with traditional finance:
"The gap between the world of digital assets and traditional finance is coming together, but strategic partnerships such as this one will help bridge that gap at scale."
He emphasized that the partnership with Parity is instrumental in enabling future institutional participation in the Polkadot ecosystem.
Björn Wagner, CEO of Parity Technologies, expressed optimism about the collaboration, stating, "This collaboration with Zodia Custody is a win-win. It will allow financial institutions to actively participate in the Web3 future being built on Polkadot, and will also help the Polkadot ecosystem to engage directly with institutions."
Wagner emphasized the wealth of expertise that Zodia Custody brings as leaders in the digital asset custody domain and anticipates that this alliance will fuel innovation, participation, and adoption within the Polkadot ecosystem.
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� So, as Polkadot continues to witness increasing interest from enterprises and institutions, the Zodia Custody-Parity partnership can enable Web3 adoption to proceed smoothly and with greater efficiency.
In addition to its custodial responsibilities, Zodia Custody will actively contribute to the long-term evolution and expansion of the Polkadot ecosystem. This encompasses educational efforts to enlighten institutions about Polkadot technology through joint research and development endeavors. Zodia Custody will also provide support for various global initiatives spearheaded by Parity and Polkadot.
Zodia Custody, in collaboration with Parity Technologies, is set to play a pivotal role in propelling the Polkadot ecosystem towards wider institutional engagement, fostering innovation, and securing the decentralized Web3 future.
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About Zodia Custody
Zodia Custody is the foremost institution-first digital asset custodian, formed in association with Standard Chartered, Northern Trust, and SBI Holdings. It empowers institutional investors worldwide to unlock the full potential of the digital asset landscape with simplicity, security, and uncompromising standards. Adhering to stringent regulatory requirements and industry standards, Zodia Custody assures institutional investors of a comprehensive solution that encompasses technology, custody, governance, and compliance.
Zodia Custody implements the requirements of the 5AMLD, FATF Travel Rule, and adheres to the same standards as Standard Chartered for AML, FCC, and KYC. It is registered with the FCA in the UK as a crypto asset business and the Central Bank of Ireland as a VASP, with further registration with the CSSF in Luxembourg as a Virtual Asset Service Provider.
About Polkadot
Polkadot stands as the versatile blockspace ecosystem, fostering boundless innovation and offering a platform for Web3's most ambitious creators to bring their ideas to life swiftly and efficiently. By rendering blockchain technology secure, composable, flexible, efficient, and cost-effective, Polkadot is at the forefront of shaping a better web.
About Parity Technologies
Parity Technologies Ltd is a distinguished software development company composed of a collective of tech visionaries passionate about creating an inclusive internet. With offices in Berlin, London, Lisbon, and Singapore, Parity's team comprises world-class blockchain innovators, core engineers, Rust developers, and solutions architects. Working closely with the Web3 Foundation, Parity successfully launched Polkadot in 2021 and continues to be a pioneering force in the network's development.