The cryptocurrency custody business, majority-owned by the world’s 44th-largest bank, is reportedly planning to raise more capital.
Bloomberg reports that Zodia Custody Ltd, a subsidiary of Standard Chartered, is in talks to secure about $50 million in funding from investors.
According to Julian Sawyer, CEO of Zodia Custody, this capital raising will help fund expansion of the business into new countries and regions while expanding its product line.
Zodia Custody currently serves 15 jurisdictions and has offices in London, Dublin, Luxembourg, Sydney, Singapore, Hong Kong and Tokyo. Digital asset managers include Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), BNB, Polkadot (DOT), Tether (USDT) and USD Coin (USDC). It supports more than 50 cryptocurrency assets. ).
Besides majority shareholder Standard Chartered, Zodia’s other backers include National Australia Bank and financial services company Northern Trust Corp. Last year, Zodia Custody raised $36 million in a round from Japanese financial services giant SBI Group. Zodia Custody is now reportedly interested in attracting a more diverse set of investors outside of large financial firms.
In December 2023, Metaco, a digital asset infrastructure provider owned by Ripple Labs, announced an integration with Zodia Custody.
“This integration gives institutions access to Zodia Custody’s bank-grade custody solutions through Metaco. The expanded collaboration between the two companies follows a long-standing strategic relationship and is designed to further build network options for institutional investors, enabling them to gain additional secure, reliable and compliant end-to-end digital asset servicing capabilities. ”
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