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Zodia Custody, the institutional cryptocurrency custody platform co-owned by Standard Chartered, is working to scale global operations with new funding.
Zodia Custody CEO Julian Sawyer disclosed the company’s plans to raise $50 million to expand its reach and launch new products, Bloomberg <a data-ct-non-breakable="null" href="https://www.bloomberg.com/news/articles/2024-11-04/stanchart-crypto-custodian-zodia-in-talks-to-raise-50-million-round" rel="noopener noreferrer nofollow" target="null" text="null" title="null">reported</a> on Nov. 4.
Backed by several financial firms, Zodia expects to tap a more diverse range of investors, such as companies focused on payments and tokenization, Sawyer said.
The firm reportedly launched the funding effort in October in collaboration with the crypto-focused advisory firm Architect Partners.
<h2 id="zodia-is-active-in-key-financial-markets">Zodia is active in key financial markets</h2>
Launched in 2021, Zodia has been emerging as a major international crypto custody platform, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/standard-chartered-zodia-hong-kong" rel="noopener noreferrer nofollow" target="null" text="null" title="null">growing its presence in key financial hubs</a> like London, Dublin, Luxembourg, Sydney, Hong Kong, Singapore and Tokyo.
According to Zodia’s website, the company is headquartered in London and has obtained multiple regulatory registrations globally, including the Hong Kong Companies Registry.
<figure><img alt="Cryptocurrencies, Banks, Funding, Investments" src="https://s3.cointelegraph.com/uploads/2024-11/0192f777-2aa9-7dfc-861f-a3b78c76a93f" title="">
 <figcaption style="text-align: center;">
 Zodia’s presence globally. Source: Zodia Custody
 </figcaption>
</figure>
In 2023, Zodia <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/banks-bullish-on-crypto-standard-chartered-s-zodia-raises-36m" rel="noopener noreferrer nofollow" target="null" text="null" title="null">raised $36 million in a Series A funding round</a> led by the Japanese financial conglomerate SBI Holdings. Following the raise, Standard Chartered reportedly still owned a 90% stake in Zodia. Other backers include National Australia Bank and Northern Trust.
As of October 2023, Zodia supported 38 cryptocurrencies, including Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) and Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ETH</a>), as well as stablecoins like Tether’s USDt (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tether-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">USDT</a>) and USD Coin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/usdc-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">USDC</a>).
<h2 id="br-institutions-increasingly-moving-into-crypto-custody"> Institutions increasingly moving into crypto custody</h2>
Financial institutions around the world have been <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-firms-targeting-custodian-market-institutional-adoption-grows" rel="noopener noreferrer nofollow" target="null" text="null" title="null">increasingly expressing interest in crypto custody</a> services in the past few years, with banking giants like Bank of New York Mellon <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bny-mellon-america-s-oldest-bank-launches-crypto-services" rel="noopener noreferrer nofollow" target="null" text="null" title="null">launching digital custody services</a> in 2022.
In October, Komainu, a digital asset custody provider from Japan’s largest investment bank, Nomura Holdings, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/komainu-acquires-singapore-propine-expansion-crypto-custody" rel="noopener noreferrer nofollow" target="null" text="null" title="null">announced plans to acquire</a> Singapore-based crypto custody business Propine Technologies, aiming to scale in Asia.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/saylor-bitcoin-etf-custody-crypto-microstrategy" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/saylor-bitcoin-etf-custody-crypto-microstrategy">Saylor’s Bitcoin custody debacle highlights growing divide in crypto community</a>
Taiwan’s Financial Supervisory Commission was preparing to launch an <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/taiwan-crypto-custody-trial-banks-institutions" rel="noopener noreferrer nofollow" target="null" text="null" title="null">institutional trial of crypto custody services</a> in early October.
In August, State Street announced a collaboration with the digital asset infrastructure firm Taurus to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/state-street-reveals-digital-asset-platform-institutional-clients" rel="noopener noreferrer nofollow" target="null" text="null" title="null">launch institutional custodial and tokenization services</a>.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/ethsafari-brings-crypto-world-to-africa-and-africa-to-the-crypto-world/" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/magazine/ethsafari-brings-crypto-world-to-africa-and-africa-to-the-crypto-world/">We took an ETHSafari to see how crypto is working out in Africa</a>

Standard Chartered’s crypto custodian Zodia to raise $50M

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