Marathon Digital Partners with Standard Chartered-Backed Zodia Custody for Crypto Custody Services
Marathon Digital Holdings, one of the world’s largest publicly listed Bitcoin miners, has made a strategic move by selecting Zodia Custody for their digital asset custody services outside the United States. Zodia Custody, backed by Standard Chartered, SBI Holdings, and Northern Trust, recently joined Metaco’s global crypto storage network to provide companies with secure and easy access to crypto storage and settlement.
The decision to partner with Zodia Custody comes as Marathon Digital plans to acquire more bitcoin miners, sites, or companies following the reduced rewards after the Bitcoin halving. This partnership will not only offer a valuable layer of diversification in Marathon’s custody solutions but also provide additional risk management assurances such as insolvency-remoteness and secure cold-wallet storage.
Julian Sawyer, CEO of Zodia Custody, expressed excitement about the partnership, stating, “We share many of the same values and ambitions for the future of the ecosystem, making us an excellent fit. As Marathon’s fourth custodian, we bring in greater diversification and risk management – exactly what the ecosystem needs.”
Marathon cited Zodia Custody’s compliance and reputation in the market as key reasons for selecting them as their custodian. Standard Chartered’s Zodia Custody offers industry-grade crypto custody services to institutional clients across multiple industries, including digital asset mining.
Salman Khan, chief financial officer at Marathon Digital, believes that the partnership with Zodia Custody is a step towards supporting the growth of the ecosystem, especially as miners anticipate capital growth from the ongoing Bitcoin price rally in this bull market.
Despite a 2% drop in BTC price in the past 24 hours, with the current price at $62,628, the trading volume has increased by 25%, indicating a rise in interest among traders. As the crypto market continues to evolve, partnerships like the one between Marathon Digital and Zodia Custody will play a crucial role in shaping the future of digital asset custody services.
