Bitcoin Miner Marathon Digital Partners Standard Chartered-Backed Zodia Custody

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Bitcoin Miner Marathon Digital Partners Standard Chartered-Backed Zodia Custody – Crypto News

Published

1 year ago

April 29, 2024

Dripp

One of the world’s largest publicly listed Bitcoin miner Marathon Digital has selected Standard Chartered-backed Zodia Custody for digital asset custody services outside the United States. Zodia Custody recently joined Metaco’s global crypto storage network to provide companies with easy access to crypto storage and settlement, with comprehensive security.

Marathon Digital Selects Standard Chartered Backed Zodia Custody

In a press release on April 29, Bitcoin miner Marathon Digital Holdings reported selecting Zodia Custody, which is backed by Standard Chartered, SBI Holdings and Northern Trust. The moves comes as Marathon Digital announced plans to acquire bitcoin miners, sites or companies as a result of reduced rewards after Bitcoin halving.

The partnership will offer a valuable layer of diversification in Marathon’s custody solutions. In addition, it will deliver additional risk management assurances such as insolvency-remoteness and secure cold-wallet storage.

“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, said Julian Sawyer, CEO of Zodia Custody.

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Industry-Grade Crypto Custody Services Zodia Custody

Marathon said the key reasons to select Zodia Custody are the company’s compliance and reputation in the market as a leading institutional digital asset custody provider.

Standard Chartered’s Zodia Custody offers institutional clients across multiple industries including digital asset mining. Salman Khan, chief financial officer at Marathon Digital, asserts the latest partnership between the companies is a step toward supporting the growth of this particular ecosystem.

Miners believe Bitcoin price rally in this bull market is expected to provide miners with necessary capital to grow and expand their business as block reward is halved after Bitcoin halving.

BTC price fell 2% in the past 24 hours, with the price currently trading at $62,628. The 24-hour low and high are $61,955 and $63,935, respectively. However, the trading volume has increased by 25% in the last 24 hours, indicating a rise in interest among traders.

Also Read: 10 Catalysts to Watch As Bitcoin Price and Crypto Market Retreats