Standard Chartered to absorb Zodia Custody’s core business, spin out Zodia Solutions
Standard Chartered will absorb Zodia Custody’s regulated crypto business and spin out Zodia Solutions, as big banks move to own core digital asset custody in-house.
Standard Chartered has announced that its offer to acquire the business of Zodia Custody has been accepted by shareholders.
The deal, announced Monday, will consolidate Standard Chartered’s digital asset custody operations while separating a standalone infrastructure platform for institutional clients.
Zodia Solutions will be established as an independent entity under SC Ventures, backed by several banking investors, including existing Zodia Custody shareholders, and will provide “bank-grade infrastructure” to financial institutions, including Standard Chartered, as they expand digital asset services.