UK-based Zodia Markets, a crypto exchange and brokerage platform focused on institutional investors, has recently been approved by the Financial Conduct Authority (FCA).
In an official press release on Thursday, the Standard Chartered-backed company announced that it has received a crypto asset registration from the financial regulator.
Zodia Markets operates as a crypto exchange platform that provides clients with electronic trading services. The firm was established in 2021 as a partnership between Standard Chartered's venture arm, SC Ventures, and the leading Asian digital asset company, BC Technology Group.
Per the announcement, Zodia Markets' registration marks the first time the FCA has approved the registration of a crypto trading business backed by a leading international bank.
Speaking on the recent FCA approval, Zodia Markets CEO, Usman Ahmad said, "At Zodia Markets, our mission is to be the most trusted trading partner for institutional participants as they navigate this rapidly evolving asset class… we meet the demands of institutions seeking a credible and reliable trading partner for crypto assets. The FCA registration is a testament to our commitment to the highest standards of compliance."
Zodia's Institutional Crypto Service Goes Live in the UK
With the FCA's approval, Zodia Markets has officially launched its institutional crypto exchange and brokerage business in the UK.
The platform offers institutional clients access to a "high-throughput, low-latency matching engine" using an application programming interface (API) that leverages the same trading standards used in stocks, forex and other traditional markets.
Zodia customers also enjoy corporate-level services, including intelligent quote requests and high-quality custody solutions, which are tailored to their respective needs.
Alex Manson, the Head of SC Ventures said, "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."
Last year, Standard Chartered entered a similar venture with Northern Trust to launch Zodia Markets' sister firm, Zodia Custody, a digital asset custodian for institutional investors.
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