Polkadot has announced a long-term strategic partnership between Zodia Custody and Parity Technologies. The ultimate objective here is to provide institutional support and custody services for Polkadot. Both partners will also undertake initiatives pertaining to research and development.
Custody services will form part of the first phase of the partnership. A clear timeline has not been made public yet; however, it will enable access to secure markets and digital asset custody services. These will specifically be implemented for financial institutions. Zodia is a reliable partner because it has been approved by the FCA in the UK and the CBI in Ireland, among other regions and their relevant authorities.
Regulated and compliant operations largely contribute to the success of what a partner brings to the table. The case is no different for Zodia and Polkadot, with Parity right in the middle of the picture. Parity is one of the crucial contributors to Polkadot. Therefore, it is important for everyone to keep an eye on how the results turn out.
Moving forward, Zodia Custody and Parity Technologies will work to have the functionality of staking DOT within the ecosystem framework. DOT is the native token of the network, and services will span across financial institutions. Digital assets, per the current announcement, will be held securely in cold storage.
The frictionless design will help drive the adoption and onboarding process with a better reach for those who are interested.
The CEO of Zodia Custody, Julian Sawyer, has stated that there is a need to innovate with such initiatives because the gap between digital assets and traditional finance is narrowing, and only a partnership such as this can help bridge the gap effectively. Additionally, Jullian has stated that this partnership is essential for the ecosystem and the industry.
Julian has expressed confidence in the results of the association by stating that they will make the native ecosystem more accessible for institutions while covering the grounds of governance, regulatory, and security expertise.
Björn Wagner from Parity Technologies has called this partnership a win-win for both of them, adding that it will boost the participation of financial institutions in the Polkadot ecosystem. The Chief Executive Officer of the venture is confident that the partnership will lead to innovation by riding high on the expertise that Zodia Custody brings to the table.
The role of Zodia Custody will extend to support the evolution and growth of the Polkadot ecosystem in the long term. It is likely to include sharing pieces of knowledge with institutions to help them leverage the true potential of Polkadot Technology.
This development follows Polkadot’s announcement that its developer conference, sub0, will now be held in Lisbon, Portugal. It will commence on September 19, 2023, and conclude on September 20, 2023, and will focus on brilliant ideas conceived by brilliant minds.