Standard Chartered signs agreements to buy crypto custodian Zodia Custody
The bank plans to fold Zodia's regulated custody business into its Securities Services unit and spin off Zodia's software arm as a separate company, The Block reported.
Standard Chartered has signed definitive agreements to acquire all of Zodia Custody Limited, a digital asset custodian, the bank said in a statement on Wednesday 21 October reported by The Block.
The buyer is the bank’s subsidiary Standard Chartered I H Limited. Zodia Custody owns regulated operating companies in Singapore, Hong Kong, Australia, the United Arab Emirates and Luxembourg, according to the statement. The deal is subject to regulatory approvals and customary closing conditions, and financial terms were not disclosed.
After completion, Zodia’s custody business will be integrated into Standard Chartered’s Securities Services business. Zodia’s software and professional services business will become a separate company called Zodia Solutions under SC Ventures, the bank’s innovation and investment unit. Standard Chartered will be one of its customers, and its investors include Northern Trust, NAB Ventures, SBI Ventures and Emirates NBD Bank, the statement said.
Zodia’s shareholders and noteholders accepted a non-binding offer from the bank in May, The Block reported, when definitive agreements had been targeted for the end of June. Zodia Custody chief executive Julian Sawyer stepped down in September and was succeeded by former chief revenue officer Richard Clark, according to The Block.
Earlier this month Standard Chartered announced plans to launch crypto custody services in Singapore by the end of 2026, The Block reported.
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