The Standard Custody & Trust Company (SCTC), institutional-grade custody that works as the settlement platform, announced that it now has the status of Bank Charter. It earned the status from New York State Banking Law and will be known as the qualified custodian.
The New York State Department of Financial Services (NYDFS) permits the platform to offer escrow service for those clients who want to unlock digital assets.
Standard Custody Board Member Tim Keaney said institutional investors are drawn towards potential earning from digital assets and decentralized services. However, it deserves to get equal revolutionary custody to meet the global demand for digital assets.
The charter from NYSDFS enables Standard Custody, helping to serve investors with rigorous security required for the grading service.
Standard Custody is designed by leading technologists from all the capital markets and leading Cryptocurrency companies. For example, CEO Jack McDonald, who formerly served as the CEO of Conifer Financial Services, has enough experience in this industry. Similarly, Cryptocurrency expert Arthur Britto worked on the next-generation technology solutions and for PolySign.
The Standard Custody program comprises Blockchain technology, distributed trust protocols, and complete encryption. In addition, the escrow platform of the service allows investors to buy or sell digital coins directly from the platform. This reduces the overall risk of the external transaction between multiple accounts and providers.
To grant this charter status, NYDFS conducted an in-depth review of the Standard Custody’s business, including front-to-back security and the operations, along with policies.
CEO Jack McDonald said that Standard Custody is an exception custodian utilizing third-party transaction verification to build a smart hardware and Blockchain technology platform.
About Standard Custody & Trust Company
Standard Custody is the subsidiary of PolySign, offering Blockchain technology providing end-to-end encryption and distributed protocols helping to secure secret keys.
The platform embodies high standards for compliance excellence and helps financial institutes to empower leveraging their digital asset positions by having complete confidence in security protocols.
