Zodia Custody, the Institutional Crypto 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 reported on Nov. 4

Standard Chartered’s institutional crypto custody platform, Zodia Custody, is reportedly planning to raise $50 million in fresh funding to expand its footprint globally.

Zodia CEO Julian Sawyer revealed the company’s plans during an interview with Bloomberg on Nov. 4. The platform, which is co-owned by Standard Chartered, is looking to raise the funds to expand its reach and product offerings.

According to Sawyer, Zodia is backed by several financial institutions and expects to attract a broader spectrum of investors, including companies specializing in payments and tokenization.

The firm reportedly began its fundraising efforts in October with the assistance of Architect Partners, a crypto-focused advisory firm.

Zodia boasts a presence in key financial markets and is authorized by multiple regulators around the world. Launched in 2021, the platform has been rapidly expanding its footprint in crucial financial hubs.

Zodia's presence globally. Source: Zodia Custody

Zodia is headquartered in London and boasts multiple regulatory registrations, including the Hong Kong Companies Registry, as per its website. The platform's presence spans key financial markets, including London, Dublin, Luxembourg, Sydney, Hong Kong, Singapore and Tokyo.

In 2023, Zodia secured $36 million in a Series A funding round led by 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 (BTC) and Ether (ETH), as well as stablecoins like Tether’s USDt (USDT) and USD Coin (USDC).Institutions are increasingly venturing into crypto custody services

Over the past few years, financial institutions across the globe have shown a growing interest in crypto custody services. In 2022, banking giants like Bank of New York Mellon launched digital custody services.

In October, Komainu, a digital asset custody provider owned by Japan’s largest investment bank, Nomura Holdings, announced its plans to acquire Singapore-based crypto custody business Propine Technologies to expand its footprint in Asia.

Taiwan’s Financial Supervisory Commission was preparing to launch an institutional trial of crypto custody services in early October.

In August, State Street announced a collaboration with digital asset infrastructure firm Taurus to launch institutional custodial and tokenization services.