Standard Chartered has announced a full acquisition of Zodia Custody. Once the agreements go through, the bank will take over the digital asset custodian’s operating entities in Singapore, Hong Kong, Australia, the UAE, and Luxembourg.
The plan is to integrate Zodia Custody’s regulated digital asset custody business into Standard Chartered’s existing digital asset custody activities within its Securities Services arm. Standard Chartered stated in a press release that the move will consolidate its digital asset businesses, unlock revenue synergies, and strengthen its digital asset capabilities. The goal is to “build a unified client offering that integrates both traditional and digital asset securities services for institutional clients, globally”.
As a part of the agreement, assets related to Zodia Custody’s digital asset software and professional services businesses will be transferred to Zodia Solutions, an independent entity that will be established under SC Ventures. Zodia solutions will take over the provision of bank-grade infrastructure to financial institutions, including Standard Chartered.
