Standard Chartered To Offer Bitcoin and Crypto Custody in EU Through Subsidiary

Zodia Custody Ltd., a Bitcoin and cryptocurrency custodian that Standard Chartered owns, has successfully obtained registration as a virtual asset service provider in Luxembourg, therefore extending its operations throughout Europe.

John Cronin, CEO of Zodia Custody Ireland, revealed that the London-based business would be announcing the registration of its Irish subsidiary with the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg on Friday, March 10, according to an interview with Bloomberg News.

Cronin predicts that the relocation would help Zodia attract more customers in the fund management industry since Luxembourg is widely recognized as a premier center for the industry.

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The Bitcoin block reward is forecast to halve on April 20th. This is seen as a bullish catalyst for crypto markets. I agree that it will pump prices in the medium term; however, the price action directly before and after could be negative. The narrative of the halving being positive for crypto prices is well entrenched. When most market participants agree on a certain outcome, the opposite usually occurs. That is why I believe Bitcoin and crypto prices in general will slump around the halving.