Zodia Custody, a crypto focused subsidiary of Standard Chartered, raised $36 million as it pursues international expansion.
SC Ventures, the venture arm of Standard Chartered, and Japanese conglomerate SBI Holdings provided the bulk of the capital, alongside other unnamed investors, according to an announcement today. The valuation of the company was not disclosed.
The cash injection will be used to boost geographic expansion and increase the firm’s token coverage, as well as to improve its interchange and off-exchange settlement services, the latter of which is designed to protect client assets that are traded on crypto exchanges.
“The future direction of the digital asset ecosystem is clear. As investors demand greater assurance and rigor, compliance is crucial to the future evolution of our sector,” said Julian Sawyer, CEO of Zodia Custody, in a statement.
Zodia Custody's sister firm
Zodia Custody’s sister company, Zodia Markets, an institutional trading firm, yesterday told The Block that it was accelerating plans to expand in the U.S. in the wake of increased institutional demand.
Zodia Custody was originally announced by Standard Chartered and Northern Trust, the asset servicing firm, in 2021. It announced a joint venture with SBI Digital Asset Holdings earlier this year to form a custody business in Japan.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.