NEW YORK–(BUSINESS WIRE) – Standard Custody & Trust Company, LLC, an institutional-level custody and settlement platform for digital assets, today announced that it has been granted charter status to operate under the Banking Act of New York State as a Regulated Qualified Custodian. The New York State Department of Financial Services (NYDFS) charter enables Standard Custody to offer custody and escrow services to clients looking to unlock the value of digital assets and unlock new investment opportunities in the world of decentralized finance.
“Institutional investors have been drawn to the enormous potential of digital assets and decentralized finance, but they deserve an equally revolutionary custody and settlement solution to meet the demands of a global digital asset market,” said Tim Keaney, Member of the Board of Directors of Standard Custody. “This New York State Department of Financial Services charter enables Standard Custody to serve investors in accordance with the rigorous security measures required for institutional-level service, allowing us to connect traditional financial services to help develop an ecosystem where digital assets thrive. ”
Standard Custody was founded and designed by leading innovators and technologists from traditional financial markets and pioneering cryptocurrency companies. CEO Jack McDonald was previously CEO of Conifer Financial Services, an independent asset services company acquired by SS&C. Cryptocurrency veteran Arthur Britto designed the next-generation technical solutions for Standard Custody and parent company PolySign.
Standard Custody’s security program combines proprietary blockchain technology, end-to-end encryption, and distributed trusted protocols to protect secret keys. Standard Custody’s integrated escrow platform allows investors to buy and sell digital assets directly from custody, reducing the risk of external transfers and inefficient transactions between multiple accounts and different vendors. Standard Custody facilitates access to the investor market 24 hours a day, 7 days a week, with improved security and capital efficiency.
“Earning our New York State Department of Financial Services Banking Charter of Confidence is a testament to Standard Custody’s regulatory and compliance excellence,” said Standard Custody CEO Jack McDonald. “Standard Custody is the only custodian to use third-party transaction verification and build its platform on a combination of ‘smart’ hardware security modules and new blockchain technology, resulting in a revolutionary solution of institutional preservation “better than cold storage”. Our team brings together unparalleled expertise in the worlds of banking, regulatory compliance and blockchain to provide an unmatched escrow deposit and settlement solution that will define how institutional investors interact with the world of digital finance.
In granting this charter, NYDFS conducted a comprehensive review of Standard Custody’s activities, including the company’s front-to-back security and operational flows, as well as its comprehensive compliance programs, policies and procedures.
ABOUT STANDARD CUSTODY & TRUST COMPANY
Standard Custody & Trust Company is an institutional level custody and settlement platform for digital assets. Standard Custody was founded and designed by leading technologists and innovators from pioneering cryptocurrency and distributed ledger technology companies, allied with traditional expertise in financial markets. A subsidiary of PolySign, Inc., Standard Custody’s platform offers new blockchain technology that provides end-to-end encryption and distributed trusted protocols to secure secret keys. Standard Custody’s integrated escrow settlement program allows investors to buy and sell digital assets directly from custody, eliminating the risk of external transfers and inefficient transactions between different providers. Standard Custody embodies high standards of regulatory and compliance excellence, enabling financial institutions to leverage their digital asset positions with confidence in best-in-class security protocols. For more information, please visit standardcustody.com.