According to CoinDesk, cryptocurrency storage provider Zodia Custody (a subsidiary of Standard Chartered) will provide institutional support for the Polkadot ecosystem through a new partnership with Polkadot blockchain developer Parity Technologies. The two parties plan to provide digital asset storage services to financial institutions and provide staking services for Polkadot's native token DOT to expand the network's influence among institutions.
Zodia Custody, which counts multinational bank Standard Chartered as its major shareholder, along with SBI Holdings and Northern Trust, has considerable importance in the institutional adoption of digital assets. Earlier this week, Zodia Custody expanded to Singapore.
Polkadot’s DOT token is the 13th-largest cryptocurrency by market cap, with a market cap of about $5 billion, according to CoinMarketCap. At press time, DOT is trading just above $4, having fallen below the $4 mark for the first time this week amid a sharp sell-off across the altcoin market.
