Standard Chartered Weighs Partial Integration of Zodia Custody, Announcement May Come This Month
Summary
- Standard Chartered is considering a partial acquisition of the crypto custody business of its subsidiary Zodia Custody, according to a report.
- The bank may integrate Zodia Custody’s crypto custody business into its own unit offering similar services, while Zodia Custody would continue to operate as a software-as-a-service (SaaS) business.
- Bloomberg said an announcement on a shareholding adjustment involving Zodia Custody could come as soon as this month, and that Standard Chartered is also offering crypto trading services to institutional clients.
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Standard Chartered is considering a partial integration of Zodia Custody, its cryptocurrency custody subsidiary, Bloomberg reported.
Bloomberg reported on April 8 that the bank is weighing a plan to combine Zodia Custody’s crypto custody business with its own unit offering similar services. Under the proposal, Zodia Custody would continue to operate its software-as-a-service business for crypto custody.
It was not immediately clear whether Standard Chartered has discussed the plan with Zodia Custody shareholders including Northern Trust and SBI Holdings. Bloomberg said an announcement on a shareholding adjustment involving Zodia Custody could come as soon as this month.
Standard Chartered launched its own crypto custody service in January. The bank has also been offering crypto trading services to institutional clients since the second half of last year. Bloomberg said those services partly overlap with offerings from another subsidiary, Zodia Markets Holdings, in which Standard Chartered is the largest shareholder.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
