A cryptocurrency custody business majority-owned by the world’s 44th bank is reportedly planning to raise more capital.
Bloomberg reports that Zodia Custody Ltd, a subsidiary of Standard Chartered, is in talks to secure around $50 million in funding from investors.
According to Julian Sawyer, Managing Director of Zodia Custody, the capital increase will help fund the company’s expansion into new countries and territories while expanding the product range.
Zodia Custody currently serves 15 jurisdictions and has offices in London, Dublin, Luxembourg, Sydney, Singapore, Hong Kong and Tokyo. The digital asset custodian supports over 50 crypto assets including Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), BNB, Polkadot (DOT), Tether (USDT) and USD Coin (USDC). ).
Besides majority owner 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 funding round from Japanese financial services giant SBI Group. Zodia Custody would now like to attract a more diverse set of investors outside of large financial companies.
In December 2023, Metaco, the digital asset infrastructure provider owned by Ripple Labs, announced its integration with Zodia Custody.
“The integration allows institutions to access 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 develop more networked options for institutional investors, allowing them to acquire additional end-to-end digital asset services capabilities secure, reliable and compliant.
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