Zodia Custody, the institutional cryptocurrency custody platform co-owned by Standard Chartered, is working to scale global operations with new funding.
Zodia Custody CEO Julian Sawyer disclosed the company’s plans to raise $50 million to expand its reach and launch new products, Bloomberg reported on Nov. 4.
Backed by several financial firms, Zodia expects to tap a more diverse range of investors, such as companies focused on payments and tokenization, Sawyer said.
The firm reportedly launched the funding effort in October in collaboration with the crypto-focused advisory firm Architect Partners.
Zodia is active in key financial markets
Launched in 2021, Zodia has been emerging as a major international crypto custody platform, growing its presence in key financial hubs like London, Dublin, Luxembourg, Sydney, Hong Kong, Singapore and Tokyo.
According to Zodia’s website, the company is headquartered in London and has obtained multiple regulatory registrations globally, including the Hong Kong Companies Registry.
Zodia’s presence globally. Source: Zodia Custody
In 2023, Zodia raised $36 million in a Series A funding round led by the Japanese financial conglomerate SBI Holdings. Following the raise, Standard Chartered reportedly still owned a 90% stake in Zodia. Other backers include National Australia Bank and Northern Trust.
As of October 2023, Zodia supported 38 cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), as well as stablecoins like Tether’s USDt (USDT) and USD Coin (USDC).
Institutions increasingly moving into crypto custody
Financial institutions around the world have been increasingly expressing interest in crypto custody services in the past few years, with banking giants like Bank of New York Mellon launching digital custody services in 2022.
In October, Komainu, a digital asset custody provider from Japan’s largest investment bank, Nomura Holdings, announced plans to acquire Singapore-based crypto custody business Propine Technologies, aiming to scale in Asia.
Related: Saylor’s Bitcoin custody debacle highlights growing divide in crypto community
Taiwan’s Financial Supervisory Commission was preparing to launch an institutional trial of crypto custody services in early October.
In August, State Street announced a collaboration with the digital asset infrastructure firm Taurus to launch institutional custodial and tokenization services.
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