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Standard Chartered’s Zodia Custody raises $36 million

Key takeaways

  • Crypto storage provider Zodia Custody has raised $36 million in a recent funding round.

  • The crypto-focused subsidiary of Standard Chartered will use the funds for international expansion.

  • The funding round was led by SBI Holdings and SC Ventures

Zodia Custody raises $36 million

Zodia Custody, a crypto-focused subsidiary of Standard Chartered, has raised $36 million in a funding round. According to the company, the funds would be used to pursue international expansion. 

The funding round was led by SC Ventures, the venture arm of Standard Chartered, and Japanese conglomerate SBI Holdings. Zodia Custody also revealed that there are other unnamed investors. The crypto custody provider also didn’t disclose the valuation of the company following this funding round. 

Zodia Custdoy revealed that the funds would be used to boost geographic expansion and increase the company’s coverage. The firm will also use the funds to improve its interchange and off-exchange settlement services as it seeks to protect client assets that are traded on crypto exchanges. 

While commenting on this latest cryptocurrency news, Julian Sawyer, CEO of Zodia Custody, said;

“The future direction of the digital asset ecosystem is clear. As investors demand greater assurance and rigor, compliance is crucial to the future evolution of our sector.”

Standard Chartered is bullish on Bitcoin

Standard Chartered, the parent company of Zodia Custody, is bullish on Bitcoin. Earlier this week, analysts at the bank said they believe crypto winter is over and Bitcoin could rally towards the $100k mark by next year.

At press time, the price of Bitcoin stands at $29,066, up by more than 50% year-to-date

Zodia Custody was originally launched by Standard Chartered and Northern Trust, the asset servicing firm, in 2021. The firm announced a joint venture with Japanese-based SBI Digital Asset Holdings earlier this year to launch a custody business in Japan. 

The post Standard Chartered’s Zodia Custody raises $36 million appeared first on CoinJournal.

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A bullish case for Bitcoin should US stocks bounce from here

  • Bitcoin and the S&P 500 move in a tight correlation
  • The 2023 price action is relevant for understanding the direct correlation
  • If stocks bounce, Bitcoin should follow

For many years cryptocurrency investors wished Bitcoin to be adopted by institutional investors. Eventually, their wish came true.

Bitcoin is now part of many institutional portfolios, for various reasons. Some believe that it is the digital gold. Others say that it has huge upside potential due to its scarcity.

No matter the reason, Bitcoin is now part of the institutional investing world. But it came at a price. Namely, Bitcoin became just another asset trading in correlation with regular markets, such as the S&P 500.

Even the 2023 rally does not alter the relationship, as seen in the chart below.

Bitcoin chart by TradingView

If US stocks bounce from here, Bitcoin should rally some more

Yesterday, Bitcoin tried its hand again at the $30k level. Stocks tanked.

But even so, the correlation between the two remains. Therefore, the price action since 2022 is relevant.

In April 2020, the two delivered similar performances. Yet, the scandals in the cryptocurrency industry have sent Bitcoin lower.

However, every bounce happened just when stocks bounced. The most recent price action is relevant, as Bitcoin matched both advances and declines in the stock market. Just the amplitude of the moves was different, just as it was when Bitcoin’s price was in bearish territory.

All in all, it is hard to believe that this correlation will go away anytime soon. Also, it is unlikely that Bitcoin would not rally some more, should stocks bounce from here.

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Helium’s migration to Solana sends IOT token price through the roof

  • Helium successfully migrated to Solana Network last week.
  • More than six billion IOT tokens have been minted since Helium migrated to Solana.
  • IOT Token surged by 370 earlier today to hit a daily high of $0.003927.

Helium IOT (IOT) token surprised a majority of crypto investors today after surging by more than 370%. Despite a slight retracement, the token was still green trading at $0.00206, up 33.59% at press time.

Today’s IOT token price surge is attributed to last week’s successful Helium migration to Solana Network which has resulted in more than six billion IOT to be minted.

Protocol token of Helium’s internet-of-things network

Most are conversant with Helium’s native token, HNT, which has also been performing quite well over the past few days after the migration.

Helium has another token, the Helium IOT, which is the protocol token of Helium’s internet-of-things network. The Helium IOT is mined from Helium’s hotspots, which is the hardware infrastructure behind the IOT network.

Helium IOT is backed by the HNT token and can always be converted to HNT, with the redemption rate being algorithmically set by its treasury swap smart contract.

According to data from Solana’s block explorer, there are about six billion IOT tokens in circulation supply out of the maximum supply of 200 billion tokens.

The IOT token also received another boost after Solana-based decentralized-finance (DeFi) protocol Kamino Finance said it had opened two Helium vaults to allow investors to stake their IOT and HNT tokens for a yield.

The post Helium’s migration to Solana sends IOT token price through the roof appeared first on CoinJournal.