Standard Chartered Integrates Zodia Custody Business
Standard Chartered has announced an agreement to acquire the Zodia Custody business. This deal aims to consolidate the bank's digital asset custody operations and spin off a dedicated infrastructure platform for institutional clients. This is reported by Cointelegraph.com reports .
The newly formed Zodia Solutions company will operate as an independent legal entity within SC Ventures. It is backed by a group of bank investors and will provide high-level infrastructure to financial institutions, including Standard Chartered itself, to expand their digital asset services.
Zodia Custody was launched in 2020 by Standard Chartered and Northern Trust as a regulated crypto-custody platform for institutional investors. Bank representatives stated that this transaction will enable broader service delivery to clients globally by increasing revenue and optimizing costs.
Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered, noted that the deal will accelerate the development of the bank's digital asset custody portfolio. The companies stated that the transaction will be executed without any disruption for existing clients and services will continue as usual.
This strategic move is part of a broader trend among major banks to obtain licenses for direct crypto-asset custody and strengthen their regulatory frameworks.
