Zodia Custody Partners with 21Shares for Crypto ETP Custody

Zodia Custody, a leading digital asset custodian backed by Standard Chartered, has partnered with 21Shares, a crypto ETP issuer, to become the main custodian for 21Shares' crypto exchange-traded products (ETP) in Switzerland and the European market. This partnership aims to provide enhanced security and expert custody services for institutions investing in 21Shares ETPs, offering access to cold-storage wallets and facilitating seamless transactions. The move reflects the growing institutional interest in crypto ETPs following the launch of spot Bitcoin ETFs and the increased adoption of digital asset investment products. However, recent market volatility and outflows in Bitcoin ETPs have led to a decline in sentiment, with the BTC price currently trading below $60k. This partnership is expected to have a significant impact on the crypto ecosystem, ensuring secure and compliant custody solutions for institutions.