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Standard Chartered-backed Zodia goes green, joins UK’s Tech Zero

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Standard Chartered-backed Zodia goes green, joins UK’s Tech Zero

Zodia Custody, a London-based crypto storage solution backed by Standard Chartered and Northern Trust, is now part of Tech Zero, a network of technology companies aiming to reach net-zero carbon emissions by 2030.

Zodia Custody is the first crypto custodian to sign up for the initiative. Task Zero has over 300 leading tech firms as members.

🌏Being green is good – @ZodiaCustody is proud to be the first digital asset custodian to join @TechZeroTF Race to Zero initiative, driving action towards a sustainable future. Join us in our commitments to the environment. #TechZero #Sustainability #RaceToZero pic.twitter.com/bg55W5sqj8

— Zodia (@ZodiaCustody) May 4, 2023

As a task force member, Zodia will report its scope 1, 2, and 3 emissions annually. It will also disclose its plans to reach net zero within a year and appoint an executive to oversee its progress.

The company will also communicate its climate goals and achievements to its website, board, and customers.

Zodia to reduce environmental impact

Zodia will implement a range of measures to achieve net zero, such as setting a long- and short-term environmental, social, and governance (ESG) agenda, assessing supplier sustainability, incentivizing green clients, and adopting a carbon offsetting strategy aligned with the Science Based Targets initiative.

The company has already taken steps to reduce its environmental impact, such as recycling office waste and technology equipment and aiming for a carbon-neutral office.

The Tech Zero Taskforce, launched in 2021, is a group of leading UK tech companies pledged to measure and reduce their carbon emissions and achieve net zero by 2030 or earlier.

They aim to accelerate the UK’s progress towards net zero greenhouse gas emissions by supporting as many tech companies as possible in joining the effort.

According to Julian Sawyer, the CEO of Zodia Custody, the platform hopes to demonstrate that climate accountability is the way forward and vital in an industry that has long been criticized for its negative environmental impact.

We are proud to be the first digital asset custodian to join Tech Zero and take action against climate change. The digital asset industry has a responsibility and an opportunity to lead by example and become more climate-conscious.

Julian Sawyer – CEO of Zodia Custody

Zodia is making headway in Japan

Zodia’s nod towards a more eco-friendly business model comes after the company expanded its business footprint after partnering with SBI Digital. They will create a crypto storage platform for institutional clients in Japan.

In late April, SBI led a $36m series A investment round to become the second-largest shareholder in Zodia.

According to reports, this will fund Zodia’s global expansion and increase token coverage. There will also be advancements to Interchange, the platform’s settlement solution.

Elsewhere, Standard Chartered, Zodia’s majority owner, recently made headlines for its bullish bitcoin (BTC) prediction.

According to a note to investors, the bank predicted BTC’s price to reach $100,000 by the end of 2024. The lender pointed to the coin’s status as a safe haven, improvement in miner profitability, and the expected supply shock after next year’s halving.

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