The Monetary Conduct Authority (FCA) has authorised crypto brokerage Zodia Market’s registration software on the UK Monetary Providers Register, permitting the Commonplace Chartered-backed enterprise to formally launch.
Notably, that is the primary time a digital asset buying and selling enterprise supported by a number one financial institution has been registered by the FCA.
Zodia Markets operates as a crypto change platform that gives purchasers with digital buying and selling companies. The fintech and ventures department of Commonplace Chartered financial institution, SC Ventures, established Zodia Markets in 2021 in alliance with BC Know-how Group, which manages Asian digital belongings platform OSL.
Head of SC Ventures, Alex Manson said: “Combining OSL’s deep experience in working regulatory compliant digital asset companies and cutting-edge expertise, with the financial institution’s governance, regulatory oversight, and frontier markets expertise, Zodia Markets is in prime place to offer safe, dependable and compliant entry to digital belongings for its institutional consumer base.”
Zodia Markets CEO, Usman Ahmad commented: “While the digital asset markets have just lately seen volatility and downward stress, adoption continues unabated, with establishments coming into the market at fast tempo…the FCA registration is a testomony to our dedication to the best requirements of compliance.”
Earlier this 12 months, Commonplace Chartered invested within the Metaverse’s digital financial system together with different main monetary establishments JP Morgan and HSBC.