Originally published on: November 04, 2024
Zodia Custody, the leading institutional cryptocurrency custody platform co-owned by Standard Chartered, is gearing up for a major expansion with the aim of scaling its global operations. CEO Julian Sawyer has revealed the company’s plans to raise $50 million in funding to broaden its reach and introduce innovative products, as reported by Bloomberg on Nov. 4.
With the backing of various financial firms, Zodia is poised to attract a more diverse investor base, including companies specializing in payments and tokenization. The funding initiative, which was kickstarted in October in collaboration with the crypto-focused advisory firm Architect Partners, is expected to fuel Zodia’s growth trajectory.
Established in 2021, Zodia has swiftly emerged as a top-tier international crypto custody platform, solidifying its presence in key financial hubs such as London, Dublin, Luxembourg, Sydney, Hong Kong, Singapore, and Tokyo. The company, headquartered in London, has secured multiple regulatory registrations worldwide, including with the Hong Kong Companies Registry.
Notably, in a Series A funding round held in 2023, Zodia raised $36 million, led by the Japanese financial powerhouse SBI Holdings. Despite the successful raise, Standard Chartered retains a 90% stake in the platform, with additional support from backers like National Australia Bank and Northern Trust.
As of October 2023, Zodia boasts support for 38 cryptocurrencies, including popular assets such as Bitcoin (BTC) and Ether (ETH), alongside stablecoins like Tether (USDT) and USD Coin (USDC).
The surge in demand for crypto custody services among financial institutions globally is evident, with major players like Bank of New York Mellon and Nomura Holdings increasing their presence in the market. Taiwan’s Financial Supervisory Commission, for instance, is gearing up for an institutional trial of crypto custody services, while State Street has partnered with Taurus to offer institutional custodial and tokenization services.
In the rapidly evolving landscape of cryptocurrency custody services, Zodia continues to position itself as a frontrunner, paving the way for seamless and secure asset management solutions for institutional investors.
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