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Key Takeaways:
- Standard Chartered entered into definitive agreements to acquire 100 per cent of Zodia Custody UK Limited.
- The five regulated Zodia crypto custody businesses in key markets will be consolidated into the Securities Services segment of Standard Chartered.
- The software and professional services division of Zodia will be split into a new company called Zodia Solutions.
The lender will extend its offerings of institutional crypto services by standardizing Custodian’s Zodia offering, which will be integrated into its platform. The deal remains subject to regulatory approvals and customary closing conditions.
Standard Chartered Takes Full Control of Zodia Custody
Standard Chartered I H Limited will purchase the 100% of Zodia’s regulated operating businesses held in Zodia Custody UK Limited. They currently serve clients at locations in Singapore, Hong Kong, Australia, United Arab Emirates and Luxembourg.
In closing the sale, the regulated digital asset custody operations will be fully amalgamated with Standard Chartered’s current securities services operations.
The move is meant to streamline the bank’s crypto-asset custody operation and to provide a more cohesive offering to institutional customers spanning both traditional securities and crypto assets, the bank said.
Read More: Standard Chartered Launches Bitcoin and Ether Spot Trading for UAE Institutions
Zodia Custody Becomes Part of a Global Banking Platform
The acquisition details provide Standard Chartered with a crypto custody service that it controls directly in regulated markets in various financial hubs. The insurance of digital-assets is propelling custody into the traditional banking system, said Zodia Custody CEO Richard Clark.
The integration of Zodia’s expertise and systems with SCh’s global banking network is thought to deepen regulatory custody services for institutional clients. All current Zodia Custody customers will be expected to receive services during the transaction without interruption.
Zodia Solutions Will Separate From the Custody Business
The custody integration will not cover Zodia’s software or professional services. Rather than that, those assets will be handed over to a new independent business called ‘Zodia Solutions’, which was created under SC Ventures.
For financial institutions seeking to launch and grow crypto-related services, Zodia Solutions will be dedicated to providing them with bank-grade digital asset technology.
A team of banking and investment partners will also support the entity comprising NAB Ventures, Northern Trust, SBI Ventures Asset, Emirates NBD, Investcorp related entities and others. Standard Chartered will continue to be one of the institutions that will utilize the technology.
Standard Chartered Expands Its Institutional Crypto Stack
The Zodia acquisition dovetails into Standard Chartered’s expanding list of digital asset services which include custody.
The bank is targeting to integrate digital assets into its broader securities platform, providing access to digital assets for institutional clients via a platform connected to a recognized global bank.
The decision also signals a wider trend for crypto custody and infrastructure services across the financial sector instead of conducting small-scale pilots to investigate cryptocurrencies.
For Standard Chartered, owning Zodia Custody gives it direct control over a regulated digital asset custody network while Zodia Solutions continues operating as a separate technology provider for banks entering the crypto market.
Read More: Standard Chartered Brings RLUSD Custody to XRPL in 3-Way Institutional Custody Program
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