Zodia Custody, a leading digital asset custodian backed by Standard Chartered, has partnered with crypto exchange-traded product (ETP) issuer 21Shares. Under the agreement, Zodia will become the primary custodian for 21Shares' physically-backed crypto ETPs in Switzerland and across Europe.

Enhancing Security and Accessibility for Crypto ETPs

Zodia Custody is known for its robust security and expert custody services, which are highly valued by institutional investors. Through this partnership, 21Shares' ETP clients will benefit from Zodia's cold storage wallets and ability to quickly move digital assets in the market.

Preparing for Massive Crypto ETP Adoption

The crypto ETP market has seen significant institutional investment, with over $11 billion in US spot Bitcoin ETFs owned by 937 professional investors as of Q1 2024. This adoption rate is 10% higher than what was seen for gold ETFs in their first quarter.

Navigating Market Volatility

While the crypto market sentiment has shifted from "greed" to "fear" recently, with Bitcoin price dropping below $60,000, some investors are still buying the dip. The partnership between Zodia and 21Shares aims to provide a secure and accessible platform for institutions to gain exposure to the growing crypto ETP space.