Standard Chartered to Acquire Zodia Custody's Crypto Asset Business

Standard Chartered is set to acquire the crypto asset custody business of its subsidiary, Zodia Custody, according to Foresight News. Bloomberg reports that the non-binding acquisition offer has been accepted by other shareholders and noteholders of Zodia Custody. Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered, stated that this merger will facilitate the bank's expansion of crypto custody services into new markets such as the UK and Australia. Following the acquisition, Zodia Custody's infrastructure business will operate as an independent SaaS company under the new name Zodia Solutions. It will be led by current CEO Julian Sawyer, with Standard Chartered's venture capital arm holding a majority stake in Zodia Solutions. Current shareholders of Zodia Custody include Northern Trust, Emirates NBD, National Australia Bank, and SBI Holdings. Discussions are ongoing regarding their continued investment in Zodia Solutions.