Standard Chartered Signs Binding Deal to Buy All of Crypto Custodian Zodia Custody
By Unchained
AI summary of the source article
Standard Chartered signed definitive agreements to acquire 100% of crypto custodian Zodia Custody. Upon completion, Zodia's regulated custody operations will merge into the bank's Securities Services unit, while its software and services operations will spin out into Zodia Solutions.
Why it matters
Ying Ying Tan stated that the purchase "further deepens our digital asset custody portfolio," while Zodia Custody CEO Richard Clark noted that "custody is increasingly becoming part of the global banking landscape" as institutions adopt digital assets.
Key facts
- Standard Chartered I H Limited will acquire 100% of Zodia Custody Limited, covering regulated businesses in Luxembourg, Singapore, Hong Kong, Australia, and the UAE.
- Zodia's regulated custody unit will be folded into Standard Chartered's Securities Services unit, while software and professional services will split off into Zodia Solutions.
- Zodia Solutions will operate under SC Ventures and be backed by seven investors, including Northern Trust, Emirates NBD, and NAB Ventures.
Source excerpt · Unchained
The bank's non-binding offer from May is now a set of definitive agreements, with Zodia's software arm headed to a new SC Ventures company backed by seven named investors. The post Standard Chartered Signs Binding Deal to Buy All of Crypto Custodian Zodia Custody appeared first on Unchained .