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Northern Trust & SCB’s CryptoAsset Custody Business Bags FCA Registration
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Northern Trust & SCB’s CryptoAsset Custody Business Bags FCA Registration

Northern Trust (NTRS) and Standard Chartered revealed that they have bagged Financial Conduct Authority (FCA) registration for their cryptoasset custody solution, Zodia Custody.

Based in London, Zodia Custody was developed by SC Ventures and Northern Trust to allow institutions to invest safely and securely in cryptoassets. It currently offers custodial services for Bitcoin and Ethereum, but has plans to expand into other cryptoassets as well.

With this registration, the business will be regulated in accordance with Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. The rule focuses on cryptoassets and is mandatory for all firms providing cryptoasset services in the UK. (See Northern stock charts on TipRanks)

The President of Corporate & Institutional Services at Northern Trust, Pete Cherecwich, said, “We are pleased that Zodia’s robust capabilities now make it possible to support the growing number of institutional asset owners, family offices and asset managers around the world investing in this emerging asset class.”

On July 21, Deutsche Bank analyst Brian Bedell maintained a Buy rating on the stock with a price target of $133 (upside potential of 18.9%).

Bedell noted, “Despite likelihood of further NIM pressure near-term, NII may stabilize if balance sheet continues to expand. We reiterate our Buy rating as we see NTRS well levered to eventually higher interest rates while client organic growth remains strong.”

Overall, the stock has a Hold consensus rating based on 2 Buys, 3 Holds, and 1 Sell. The average Northern price target of $119.33 implies 6.7% upside potential from current levels. Shares of NTRS have jumped 41.1% over the past year.

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Northern Trust with 49.5% of investors increasing their exposure to NTRS stock over the past 30 days.

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