Standard Chartered Signs Agreement to Buy Zodia Custody 100%
Following the acceptance of its non-binding offer to acquire Zodia Custody, Standard Chartered has announced that it has entered into definitive agreements to acquire Zodia Custody.
Subject to regulatory approvals and customary closing conditions, Standard Chartered I H Limited will acquire 100 per cent of Zodia Custody Limited, the parent company of Zodia Custody’s regulated operating entities in Singapore, Hong Kong, Australia, the United Arab Emirates and Luxembourg.
Post-completion, Zodia Custody’s regulated digital asset custody business will be integrated into Standard Chartered’s existing digital asset custody activities within Securities Services.
The move will consolidate Standard Chartered’s digital asset custody businesses and will drive value by unlocking revenue synergies, further strengthening the Group’s digital asset capabilities and supporting its ambition to build a unified client offering that integrates both traditional and digital asset securities services for institutional clients, globally.
As part of the transaction, Zodia Custody will separate its digital asset software and professional services business and transfer the assets relating to that business to Zodia Solutions, an independent entity to be established under SC Ventures.
Official statement stated that Zodia Solutions will continue to provide bank-grade infrastructure to financial institutions, including Standard Chartered, as they launch and scale digital asset services.
Zodia Solutions will be supported by a number of bank investors, including NAB Ventures Pty Limited, Northern Trust Corporation,
SBI Ventures Asset Pte. Ltd, Q Studio Restricted Limited (Further Ventures), Emirates NBD Bank (P.J.S.C.), Zodia Investments Limited (Investcorp) and Zodia Holdings Limited (owned by SC Ventures).
Ying Ying Tan, Global Head of Securities Services and Digital Assets at Standard Chartered, said: “We continue to invest in our platform and expand our capabilities to meet the evolving needs of our clients.
“The acquisition of Zodia Custody further deepens our digital asset custody portfolio and reinforces our position as a leading provider of digital asset services globally.
“This is in line with our commitment to provide our clients with access to institutional-grade custody supported by the depth, breadth and global connectivity of an international cross-border bank.”
Richard Clark, Chief Executive Officer of Zodia Custody, said: “As institutional adoption of digital assets accelerates, custody is increasingly becoming part of the global banking landscape. Zodia Custody has built a strong business with the specialist expertise and capabilities to meet the needs of institutional clients.
“Bringing that expertise together with Standard Chartered’s global reach and established banking platform will strengthen its digital asset custody offering and provide institutions with greater access to trusted, regulated custody services worldwide.”
Craig Perrin, Chief Executive Officer of Zodia Solutions, said: “Financial institutions are moving beyond digital asset pilots towards operating services at scale.
“They need trusted technology partners with the expertise and infrastructure to support them. Zodia Solutions provides bank-grade technology that enables institutions to launch, operate and scale digital asset services.”
Standard Chartered said there is no expected disruption to clients as a result of the transaction, adding that existing Zodia Custody custody clients will be continue to be serviced as usual. Bitcoin Drops by 4% as S&P 500 Retreats on Equities Selloffs
