Standard Chartered Moves to Acquire 100% of Crypto Custodian Zodia Custody
Summary
- Standard Chartered said it has signed a definitive agreement to acquire 100% of Zodia Custody, its crypto custody subsidiary.
- After the deal closes, Zodia Custody's custody business will be integrated into the bank's existing securities services division, while its software and other services will be transferred to Zodia Solutions.
- Zodia Solutions plans to provide crypto infrastructure services to financial institutions, while Standard Chartered is expanding its crypto business, including the launch of spot BTC and ETH trading services in the UAE.
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Standard Chartered is moving to acquire 100% of Zodia Custody, its cryptocurrency custody subsidiary.
Cointelegraph reported on October 21 that Standard Chartered said it had signed a definitive agreement that day to buy full ownership of Zodia Custody. The agreement follows shareholders' acceptance in May of the bank's non-binding takeover proposal.
Once the acquisition is completed, Zodia Custody's custody business will be integrated into Standard Chartered's existing securities services division.
Its software and other services businesses will be transferred to Zodia Solutions, an independent entity under SC Ventures. Zodia Solutions plans to provide crypto infrastructure services to financial institutions.
Standard Chartered has been expanding its crypto business. Last month, it launched spot trading services for Bitcoin and Ether for institutional clients in the United Arab Emirates.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul