Standard Chartered · Wall Street · Singapore · Hong Kong · CryptoSlate
Standard Chartered moves to bring crypto custody in-house as Wall Street’s digital asset infrastructure race accelerates
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Standard Chartered has signed an agreement to acquire Zodia Custody outright, bringing its institutional cryptocurrency custody business under direct ownership.
Key facts
- Investors will include Northern Trust, NAB Ventures, SBI Ventures, Emirates NBD, and other financial institutions, while Standard Chartered will remain a customer
- Standard Chartered has signed an agreement to acquire Zodia Custody outright, bringing its institutional cryptocurrency custody business under direct ownership
- Ying Ying Tan, Standard Chartered's global head of Securities Services and Digital Assets, said the acquisition would strengthen the bank's custody portfolio and expand its ability to serve
- Beyond bringing custody under its direct control, Standard Chartered is spinning off Zodia's software and professional services division into a new company, Zodia Solutions
Summary
01 Standard Chartered plans to absorb Zodia Custody into its banking operations while separating its technology business into a new venture, Zodia Solutions. 02 The restructuring strengthens the bank's crypto custody business while creating a technology provider for other financial institutions. 03 The bank must secure regulatory clearance and integrate Zodia's operations before the acquisition can deliver additional institutional revenue. The London-based bank said on Oct. 21 that its subsidiary, Standard Chartered the reporter H Limited, will acquire 100% of Zodia Custody, including regulated operations across Singapore, Hong Kong, Australia, the United Arab Emirates and Luxembourg.