Zodia Custody and Parity Technologies Forge Strategic Partnership for Polkadot Ecosystem - Blockchain.News

Zodia Custody and Parity Technologies Forge Strategic Partnership for Polkadot Ecosystem

Zach Anderson Sep 13, 2023 08:52

Zodia Custody has partnered with Parity Technologies to enhance institutional access to the Polkadot ecosystem, a pioneering blockspace network. The partnership will provide custody services, staking DOT, and bridging the gap between traditional finance and digital assets. Zodia Custody will also support the ecosystem's sustained evolution through research and development, promoting global initiatives associated with Parity and Polkadot.

Zodia Custody and Parity Technologies Forge Strategic Partnership for Polkadot Ecosystem

Zodia Custody, a leading digital asset custodian backed by shareholders such as Standard Chartered, SBI Holdings, and Northern Trust, has announced a strategic alliance with Parity Technologies, a software development company passionate about building an inclusive internet. Parity, with offices in Berlin, London, Lisbon, and Singapore, successfully launched Polkadot in 2021 and remains a primary contributor to the network.

This collaboration aims to bolster institutional access to the Polkadot ecosystem, a pioneering blockspace ecosystem that fosters innovation and facilitates Web3's top innovators to swiftly bring their ideas to fruition. The partnership will be realized through joint research and development initiatives.

Enhancing Institutional Access and Compliance

The primary outcome of this partnership will be Zodia Custody's provision of custody services for the Polkadot ecosystem. This move will ensure secure market access and offer bank-grade digital asset custody services to financial institutions. Zodia Custody, empowering institutional investors globally to harness the potential of the digital asset future securely, upholds stringent standards related to AML, FCC, and KYC. It is registered with regulatory bodies in the UK, Ireland, and Luxembourg.

Broadening Participation through Staking

The subsequent phase of this collaboration will facilitate financial institutions in staking DOT, Polkadot's native token. This will occur while assets remain securely stored in Zodia Custody's cold storage, expanding institutional participation in the Polkadot ecosystem. The service is crafted to be seamless, promoting a wider contribution to fortify the decentralized Polkadot network.

Bridging the Gap between Traditional Finance and Digital Assets

Julian Sawyer, CEO of Zodia Custody, remarked, "The gap between the world of digital assets and traditional finance is coming together, but strategic partnerships such as this one will help bridge that gap at scale." He emphasized the importance of the partnership with Parity in fostering future institutional participation and making Polkadot's technology more institution-friendly.

Echoing this sentiment, Björn Wagner, CEO of Parity Technologies, stated, "This collaboration with Zodia Custody is a win-win." He highlighted the potential for financial institutions to actively engage in the Web3 future on Polkadot and the opportunity for the Polkadot ecosystem to directly interact with these institutions.

Long-Term Growth and Education

Beyond immediate implementations, Zodia Custody's collaboration with Parity will support the Polkadot ecosystem's sustained evolution. This includes enlightening institutions about Polkadot technology through collaborative research and development. Additionally, Zodia Custody will champion various global initiatives associated with Parity and Polkadot.

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