Zodia Custody Lands Marathon Digital as Digital Asset Custody Client

Zodia Custody Secures Marathon Digital as Digital Asset Custody Client

In a major milestone for Zodia Custody, the firm has announced that it has landed Marathon Digital as a digital asset custody client. Marathon Digital, the largest listed Bitcoin miner by market capitalization at $5.2 billion, has chosen Zodia Custody to secure and manage its Bitcoin holdings.

Zodia Custody, founded by Standard Chartered’s SC Ventures and Northern Trust, with SBI as a significant backer, has quickly established itself as a leading institutional digital asset custody provider. The addition of Marathon Digital as a client further solidifies Zodia’s reputation in the market.

One of the key reasons for established financial institutions like Northern Trust to venture into digital asset custody is their extensive experience and reputation in the industry. Northern Trust, one of the world’s largest global custodians with $16.5 trillion in assets under custody, brings a wealth of knowledge and expertise to the table.

Despite the potential benefits, traditional banks have been slow to enter the crypto custody space, largely due to regulatory challenges such as the SEC’s accounting rule, SAB 121, which makes custody non-viable for banks in the United States. Zodia Custody will provide services outside of the United States, catering to clients like Marathon Digital who are looking to secure their digital assets internationally.

Salman Khan, Marathon’s Chief Financial Officer, expressed the company’s commitment to secure management and diversification of their Bitcoin holdings with the addition of Zodia Custody. He highlighted Zodia’s compliance and reputation as key factors in their decision to choose them as a custodian.

This recent partnership with Marathon Digital follows Zodia Custody’s involvement as a custodian for Deutsche Bank’s asset manager DWS crypto exchange-traded product (ETPs). In that case, Zodia Custody worked alongside Coinbase to provide custody services, further solidifying their position in the digital asset custody market.

Overall, the collaboration between Zodia Custody and Marathon Digital marks a significant step forward in the institutional adoption of digital asset custody services, showcasing the growing importance of secure and reliable custody solutions in the crypto industry.