Standard Chartered’s Zodia Custody Seeks $50M Funding to Accelerate Global Crypto Services
Zodia Custody, the institutional cryptocurrency custodian backed by Standard Chartered, has initiated plans to raise $50 million in fresh funding to fuel its global expansion and enhance its product offerings, according to Bloomberg.
The London-headquartered firm, which launched in 2021, has enlisted crypto-focused advisory firm Architect Partners to lead the fundraising effort that began in October. This latest funding drive follows Zodia’s successful $36 million Series A round in April 2023, which was led by Japanese financial giant SBI Holdings.
In a strategic move to diversify its investor base, Zodia is specifically targeting companies specializing in payments and tokenization. This approach marks a departure from its traditional backing, which includes financial heavyweights like Standard Chartered (which maintains a majority stake), Northern Trust, and National Australia Bank.
The custody platform has established a significant global footprint, with operations spanning major financial centers including London, Dublin, Luxembourg, Sydney, Hong Kong, Singapore, and Tokyo. Currently, Zodia supports 38 cryptocurrencies, encompassing major assets like Bitcoin and Ethereum, alongside stablecoins such as Tether’s USDT and USD Coin.
The expansion plans come amid growing institutional interest in crypto custody services. Traditional financial giants like Bank of New York Mellon, State Street, and Citigroup have all made moves into the space, while regional developments continue to unfold. Recently, Nomura Holdings’ digital asset custody provider, Komainu, announced its acquisition of Singapore-based Propine Technologies to strengthen its Asian presence.
Zodia’s growth trajectory has already shown promising signs. In June, the firm partnered with 21Shares to provide custody solutions for physically backed crypto exchange-traded products in Switzerland and Europe, demonstrating its commitment to expanding its service offerings while maintaining regulatory compliance.
The timing of this funding round coincides with increasing institutional demand for secure digital asset storage solutions, as the cryptocurrency market continues to mature and attract traditional financial players seeking regulated custody services.
