10.21.2021

Zodia Custody Successfully Tests “Petra” Platform

DMG Blockchain Solutions, a publicly traded, vertically integrated blockchain and cryptocurrency technology company, announces multiple successful transactions with Zodia Custody, a crypto asset custodian incubated by Standard Chartered , with Northern Trust as a co-investor, using DMG’s Blockseer platform “Petra” from its Core+ suite of services.

On Monday, Oct 11, 2021, using a testnet environment, DMG initiated a new function called Petra, which gives subscribers enhanced optionality when initiating crypto transactions. The test transactions were carried out alongside Zodia Custody. The addition of optionality — once fully completed and launched under the Blockseer brand — will provide subscribers a choice in how they want to proceed with transactions. The options provided by Petra will include the provision of KYC on wallets, AML checks on transactions, and routing transactions via carbon neutral mining facilities. This is an important step in the development of DMG’s Regulatory & Compliance offerings under Blockseer’s platforms.

Once completed, Petra’s launch will provide options focused on the Bitcoin Blockchain. As part of the tests conducted alongside Zodia Custody, transactions were routed using Petra and tagged as a “green” to prioritise carbon neutral miners, giving one example of the optionality provided by the platform. Future options may include risk ratings of counterparties and geo-location. Petra’s subscriptions will be based on a percentage of the dollar-value equivalent that is transacted through the system.

DMG’s CEO Sheldon Bennett, comments, “Petra is a concept that DMG conceived many years ago. However, we did not have the technology to bring this concept to the market until now. Using core technologies in Blockseer’s Walletscore, Explorer and Helm, we have been able to create a new and very relevant product for companies and individuals who have particular interest in governance, regulatory issues, and ESG goals aligned with optionality that Petra permits. Our partnership with Zodia Custody is moving quickly and we look forward to completing all our testing and bringing this product to market.”

“The crypto asset industry is often associated with high environmental impacts, particularly in relation to energy consumption. Further, the concept of unknown participants mining blocks is outside of many institutions’ risk appetite. Zodia Custody, in an industry first with DMG’s Petra platform, is able to address these concerns and offer our clients the option to route transfers to OFAC-compliant, ‘green’ mining pools. Petra will also give comfort to our institutional clients that their crypto transfers are being processed by known, sanctioned complaint parties. This represents a major milestone towards the institutional adoption of crypto assets and demonstrates Zodia’s commitment to providing safe access to this market for highly-regulated global financial institutions in a way that is aligned with their goals,” said, Maxime De Guillebon, CEO, Zodia Custody.

Source: DMG Blockchain Solutions

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