Crypto Exchange Zodia Markets Fires up Crypto Services in UK
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The company is backed by Standard Chartered’s venture arm, SC Ventures, and BC Technology Group, a digital assets organization.
Founded in the UK in 2021, the brokerage Zodia Markets has recently announced that it received cryptoasset approval from the UK Financial Conduct Authority (FCA) and that it would introduce an institutional crypto exchange.
According to the official ad launched on July 28, the company’s digital asset trading platform offers spot trading in Bitcoin (BTC) and Ethereum (ETH), is the first time the FCA has registered a crypto-led business backed by an international bank.
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The trading platform is said to utilize the FIX API connection and the same electronic trading standards as traditional stocks.
Commenting on the current bear market, Zodia CEO Usman Ahmad mentioned that it presented a huge opportunity for several institutions to enter crypto to the market at a rapid pace. He added:
“What most of the big financial institutions have done at the moment is get into cryptos through custody, as did Standard Chartered with Zodia Custody. We looked around and saw a gap in the market for a bank-backed crypto trading company. .”
Ahmad also stated that Zodia Markets, formed in partnership between SC Ventures and BC Technology Group, would focus first UK, Europe, Middle Eastand Africa. Nevertheless, the company plans to expand to other regions as well.
It seems that players in the crypto world are not stopping and launching crypto-based initiatives. For example, earlier in July PicPay, a Brazilian digital wallet app, announced that it lights up own crypto exchange in August.
On the other hand, fintech company Santander Brasil recently stated that it will launch crypto-related services in Brazil in the coming months.