Standard Custody & Trust Company, a custody and settlement platform for crypto-assets, announced that it has received charter status 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.
Standard Custody’s security program combines proprietary blockchain technology, 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.
“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. 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.”
– Standard Custody CEO, Jack McDonald
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.
Jack McDonald (CEO of Standard Custody); 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.