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Standard Chartered’s Zodia Custody raises $36 million

Standard Chartered’s Zodia Custody raises $36 million

Key takeaways

  • Crypto storage provider Zodia Custody has raised $36 million in a recent funding round.

  • The crypto-focused subsidiary of Standard Chartered will use the funds for international expansion.

  • The funding round was led by SBI Holdings and SC Ventures

Zodia Custody raises $36 million

Zodia Custody, a crypto-focused subsidiary of Standard Chartered, has raised $36 million in a funding round. According to the company, the funds would be used to pursue international expansion. 

The funding round was led by SC Ventures, the venture arm of Standard Chartered, and Japanese conglomerate SBI Holdings. Zodia Custody also revealed that there are other unnamed investors. The crypto custody provider also didn’t disclose the valuation of the company following this funding round. 

Zodia Custdoy revealed that the funds would be used to boost geographic expansion and increase the company’s coverage. The firm will also use the funds to improve its interchange and off-exchange settlement services as it seeks to protect client assets that are traded on crypto exchanges. 

While commenting on this latest cryptocurrency news, Julian Sawyer, CEO of Zodia Custody, said;

“The future direction of the digital asset ecosystem is clear. As investors demand greater assurance and rigor, compliance is crucial to the future evolution of our sector.”

Standard Chartered is bullish on Bitcoin

Standard Chartered, the parent company of Zodia Custody, is bullish on Bitcoin. Earlier this week, analysts at the bank said they believe crypto winter is over and Bitcoin could rally towards the $100k mark by next year.

At press time, the price of Bitcoin stands at $29,066, up by more than 50% year-to-date

Zodia Custody was originally launched by Standard Chartered and Northern Trust, the asset servicing firm, in 2021. The firm announced a joint venture with Japanese-based SBI Digital Asset Holdings earlier this year to launch a custody business in Japan. 

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