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Standard Chartered’s Zodia adopts eco-friendly practices through Tech Zero in the UK

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

Zodia Custody is the first cryptocurrency to take part in the initiative. Task Zero has more than 300 leading technology companies as members.

As a member of the task force, Zodia will report its range 1, 2 and 3 emissions annually. It will also reveal 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 of directors, 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 customer-friendly, and adopting a carbon offset strategy aligned with the Science-Based Goals initiative.

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

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

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

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

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 opportunity to lead by example in becoming more climate conscious.

Julian Sawyer – CEO, Zodia Custody

Zodia is making progress in Japan

Zodia’s signal towards a greener business model comes after the company expanded its business after partnering with SBI Digital. They will create a crypto storage platform for institutional clients in Japan.

In late April, SBI led a $36 million investment round becoming Zodia’s second largest shareholder.

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

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

According to a note to investors, the bank expects BTC to reach $100,000 by the end of 2024. The lender cited the currency’s safe-haven status, an improvement in mining profitability, and an expected supply shock after its halving next year.

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