Standard Chartered-Backed Zodia Custody Provides Crypto Proof-of-Ownership Tech for Institutions

Zodia Custody, a cryptocurrency storage product backed by Standard Chartered and Northern Trust, has released an identity toolset that can help institutions prove ownership of cryptocurrencies in custodial wallets, CoinDesk reported. Zodia's "Proof of Ownership" system cryptographically embeds the identity of the owner of the wallet's private key, ensuring that third parties can verify the key. The company says it allows each account to be independently verified and quickly linked back to its owner, including in the event of an audit or even the bankruptcy of the custodian. Additionally, Zodia's patent-pending escrow ownership system involves three different proofs: proof of ownership from the customer's perspective, proof of wallet management from the perspective of the Crypto Asset Service Provider (CASP), and as a private key from the customer to the CASP. Proof of authority to manage delegation.