Bloomberg · Standard Chartered · The Block
Standard Chartered to absorb Zodia Custody’s crypto business into its own operations: Bloomberg
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Standard Chartered plans to acquire the crypto custody business of Zodia Custody, its majority-owned subsidiary, folding operations directly into the bank's own digital asset infrastructure.
Key facts
- Zodia Custody launched in 2020 as a joint venture between SC Ventures, Standard Chartered's innovation arm, and Northern Trust, raising $36 million in 2023 and in talks for a further $50 million
- Standard Chartered plans to acquire the crypto custody business of Zodia Custody, its majority-owned subsidiary, folding operations directly into the bank's own digital asset infrastructure
- The bank secured a Luxembourg license to provide crypto custody directly under MiCA rules in January 2025
- In April that Standard Chartered was weighing the integration of Zodia's custody operations with its corporate and institutional banking division
Summary
The bank's non-binding offer has been accepted by other Zodia Custody shareholders and noteholders, according to a statement cited by Bloomberg. Zodia Custody will continue to operate as a standalone software-as-a-service platform after the transaction closes. Zodia Custody launched in 2020 as a joint venture between SC Ventures, Standard Chartered's innovation arm, and Northern Trust, raising $36 million in 2023 and in talks for a further $50 million round as recently as late 2024. The absorption is perhaps the logical endpoint of a strategy Standard Chartered has been executing in parallel for over a year.