Standard Chartered’s Crypto Custody Arm Eyes $50M in New Funding for Global Growth

According to reports, Zodia Custody Ltd., a well-known cryptocurrency custody company supported by Standard Chartered, is looking for a new funding round to broaden its global presence. According to Bloomberg, discussions are underway to raise approximately $50 million for the company, which is primarily controlled by Standard Chartered. Julian Sawyer, CEO of Zodia Custody, said that the money will help the company expand into other areas and create better services for its customers.

Global Reach and Expanding Crypto Services

Zodia Custody has established itself as a significant player in digital asset custody, serving 15 jurisdictions globally, including major financial centers such as London, Dublin, Singapore, and Tokyo. The company offers secure custody services for over 50 crypto assets, including popular tokens like Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and USD Coin (USDC). This diversified portfolio meets the needs of institutional clients seeking secure storage and management of various digital assets.

Northern Trust Corp. and the National Australia Bank are two other significant financial sponsors in addition to Standard Chartered. The recent drive for fresh capital demonstrates Zodia Custody’s desire to draw in a wider range of investors outside of the conventional financial behemoths. The company’s rising attraction to international investors is demonstrated by this expansion strategy, which builds on the $36 million it raised from the Japanese banking behemoth SBI Group last year.

In December 2023, Zodia Custody further reinforced its capabilities through integration with Metaco, a Ripple Labs-owned digital asset infrastructure provider. This collaboration allows institutional clients to benefit from Zodia Custody’s secure, bank-grade digital asset custody solutions. According to Sawyer, “The integration enables institutions to access Zodia Custody’s bank-grade custody solutions through Metaco,” providing enhanced options for compliant, secure, and reliable digital asset services.

As Zodia Custody moves forward with this funding round, it continues to solidify its presence in the institutional crypto market. With its robust backing and strategic partnerships, Zodia Custody is well-positioned to broaden its client base while meeting the security and compliance needs of institutional investors worldwide.