Standard Chartered moves to acquire Zodia Custody

• Standard Chartered has signed definitive agreements to acquire 100% of digital asset custodian Zodia Custody.
• The deal would bring the regulated custody business into Standard Chartered’s Securities Services division.
• Zodia’s software and professional services operations will move into a separate business, Zodia Solutions, under SC Ventures.

Standard Chartered PLC (LON:STAN) will acquire 100% of Zodia Custody Limited, subject to regulatory approvals and closing conditions.

The deal will bring Zodia Custody’s regulated operations in Singapore, Hong Kong, Australia, the UAE and Luxembourg into the bank’s custody business.

“We continue to invest in our platform and expand our capabilities to meet the evolving needs of our clients,” according to Standard Chartered Global Head of Securities Services and Digital Assets Ying Ying Tan.

Standard Chartered expects the acquisition to consolidate its digital asset custody operations and create additional revenue opportunities through combined services.

“As institutional adoption of digital assets accelerates, custody is increasingly becoming part of the global banking landscape,” according to Zodia Custody CEO Richard Clark.

Zodia Custody’s software and professional services assets will transfer to Zodia Solutions, a separate entity established under SC Ventures.

Zodia Solutions will receive backing from investors including NAB Ventures, Northern Trust, SBI Ventures Asset, Further Ventures, Emirates NBD, Investcorp and SC Ventures, while continuing to provide digital asset software and professional services to institutional clients.

Completion of the deal remains subject to regulatory approval and customary closing conditions.