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TMCNet:  Standard Custody & Trust Company Receives Bank Charter Status From New York State Department of Financial Services

[May 04, 2021]

Standard Custody & Trust Company Receives Bank Charter Status From New York State Department of Financial Services

Standard Custody & Trust Company, LLC, an institutional-grade custody and settlement platform for digital assets, announced today that it has received charter status to operate under New York State Banking Law as a regulated qualified custodian. The New York State Department of Financial Services (NYDFS) charter permits Standard Custody to offer custodial and escrow services for clients seeking to unlock the value of digital assets and open new investment opportunities across the world of decentralized finance.

"Institutional investors have been drawn to the massive potential of digital assets and decentralized finance, but deserve an equally revolutionary custody and settlement solution to meet the demands of a global digital asset marketplace," said Standard Custody Board Member Tim Keaney. "This charter from the New York State Department of Financial Services enables Standard Custody to serve investors in compliance with the rigorous security measures required for institutional-grade service, enabling us to bridge traditional financial services to help grow an ecosystem where digital assets thrive."

Standard Custody was founded and designed by leading innovators and technologists from traditional capital markets and pioneering cryptocurrency companies. CEO Jack McDonald formerly served as CEO of Conifer Financial Services, an independent asset services firm 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 tehnology, end-to-end encryption, and distributed trust protocols to protect secret keys. Standard Custody's integrated escrow platform enables investors to buy and sell digital assets directly from custody, reducing the risk of external transfers and inefficient transactions between multiple accounts and different providers. Standard Custody facilitates 24/7 investor market access with improved security and capital efficiency.

"Earning our trust bank charter from the New York State Department of Financial Services is a testament to Standard Custody's regulatory and compliance excellence," said Standard Custody's CEO Jack McDonald. "Standard Custody is the only custodian to utilize third-party transaction verification and build its platform on a combination of 'smart' hardware security modules and novel blockchain technology resulting in a revolutionary 'better than cold storage' institutional custody solution. Our team brings together unmatched expertise in the worlds of banking, regulatory compliance, and blockchain to deliver an unmatched custodial and escrow settlement solution that will define the way institutional investors interact with the world of digital finance."

In granting this charter, NYDFS conducted a comprehensive review of Standard Custody's business, including the company's front-to-back security and its operational flows, as well as its comprehensive compliance programs, policies and procedures.

ABOUT STANDARD CUSTODY & TRUST COMPANY

Standard Custody & Trust Company is an institutional-grade 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 blended with traditional capital markets expertise. A subsidiary of PolySign, Inc., Standard Custody's platform offers novel blockchain technology that provides end-to-end encryption and distributed trust protocols for securing secret keys. Standard Custody's integrated escrow settlement program enables 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 for regulatory and compliance excellence, empowering financial institutions to leverage their digital asset positions with confidence in best-in-class security protocols. For more information, please visit standardcustody.com.


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