Standard Chartered Bank will acquire the cryptocurrency custody business of its subsidiary Zodia Custody

According to Bloomberg, Standard Chartered Bank will acquire the cryptocurrency custody business of its holding subsidiary Zodia Custody, and its 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 Bank, stated that this merger will pave the way for Standard Chartered to launch cryptocurrency custody services in new markets such as the UK and Australia.

After the acquisition is completed, Zodia Custody's infrastructure business will continue to operate as an independent software-as-a-service company, renamed Zodia Solutions, led by current CEO Julian Sawyer, with Standard Chartered's venture capital division holding a majority stake in Zodia Solutions. Existing shareholders of Zodia Custody include Northern Trust, Emirates NBD, National Australia Bank, and SBI Holdings, and discussions are ongoing regarding whether these parties will continue to hold shares in Zodia Solutions.