Crypto Custodian Standard Custody & Trust Company Receives Bank Charter Status From NYDFS

The New York State Department of Financial Services (NYDFS) has granted charter status for Standard Custody & Trust Company, an institutional-grade custody and settlement platform for digital assets.

Led by key industry players, including Jack McDonald and David Schwartz, Standard Custody & Trust Company 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.

The 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.”

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.

“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 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.”

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