Standard Chartered acquires Zodia Custody to enhance crypto services

Standard Chartered has signed an agreement to acquire 100% of Zodia Custody, bringing its cryptocurrency custody business under direct ownership. The acquisition, announced on Oct. 21, includes regulated operations in Singapore, Hong Kong, Australia, the UAE, and Luxembourg, and follows a takeover proposal accepted by Zodia's shareholders in May, pending regulatory approvals. Standard Chartered will integrate Zodia's operations into its Securities Services division, enhancing its offerings for institutional investors and potentially increasing revenue from custody and settlement services. Ying Ying Tan, global head of Securities Services and Digital Assets, stated that the acquisition will strengthen the bank's custody portfolio. Additionally, Standard Chartered is spinning off Zodia's software and professional services into a new company, Zodia Solutions, which will provide digital asset infrastructure to financial institutions. This move reflects the growing demand for specialized infrastructure as traditional financial institutions expand their cryptocurrency operations. Standard Chartered's digital asset strategy also includes Zodia Markets for trading and Libeara for tokenization, positioning the bank across various segments of the institutional digital asset market.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.