According to people acquainted with the situation, Zodia Custody, a renowned custodian of digital assets, has teamed up with 21Shares, a cryptocurrency ETP issuer. The primary custodian for 21Shares’ cryptocurrency exchange-traded products (ETP) in Switzerland and the European market is now a Standard Chartered-backed crypto custody service.
Zodia Custody and 21Shares Announce Important Partnership
In an email to CoinGape on June 25, 21Shares announced that it has partnered with Zodiac Custody to offer custody services for digital asset exchanges with physical backing in Switzerland and throughout the European market.
Supported by Standard Chartered, SBI Holdings, Northern Trust, and National Australia Bank, Zodia Custody is the go-to choice for institutions seeking superior security and knowledgeable custody services for their digital assets. Aside from the fast ability to move their digital assets in the market, cold-storage wallets are another advantage for institutions participating in 21Shares ETP.
“We have paid attention. To offer a relationship that will truly influence the entire ecosystem without compromising security, risk management, or compliance, we have teamed up with 21Shares, true market leaders in the ETP digital asset area,” stated Julian Sawyer, CEO of Zodia Custody.
Crypto ETP Gets Ready for Widespread Acceptance
Exchange-traded products (ETPs) specializing in digital assets, such as exchange-traded funds (ETFs) like the spot Bitcoin ETF, have led to significant institutional investments in cryptocurrency.
Up until the first quarter of 2024, 937 professional investors held $11 billion in US spot Bitcoin ETFs, or around 20% of the ETFs’ total assets, according to 21Shares. Compared to the adoption Gold ETFs saw in the first quarter following their inception, the adoption is 10% higher.
However, institutional investments in Bitcoin ETPs have substantially decreased during the past two weeks. According to CoinShares, withdrawals from digital asset investment products totalled $1.2 billion in only two weeks.
Fear has replaced greed in the cryptocurrency market, as the price of Bitcoin has fallen below $60,000. At the time of writing, it was down 0.26% to $61,017. $58,601 is the 24-hour low, and $62,900 is the 24-hour high. Few investors are buying the drop.
