Standard Chartered Signs Deal to Take Over Zodia Custody’s Regulated Operations

Standard Chartered has signed definitive agreements to acquire the regulated operating entities of crypto custodian Zodia Custody, subject to regulatory approvals and closing conditions. The signing moves forward the deal first announced in May, when Zodia’s shareholders accepted the bank’s non-binding offer. The bank confirmed the news in a Wednesday announcement.

What the Bank Is Buying

The bank would take 100% of Zodia Custody UK Limited, the parent of Zodia’s regulated operating entities in Singapore, Hong Kong, Australia, Luxembourg and the United Arab Emirates. Zodia’s crypto custody business would then be folded into Standard Chartered’s existing Securities Services operations.

Zodia Solutions to Spin Out

Zodia’s software and professional services assets would move to Zodia Solutions, an independent company under SC Ventures. It would provide digital asset infrastructure to financial institutions.

Part of a Wider Crypto Push

The UK based lender reportedly began weighing a plan in April to fold Zodia’s custody business into its corporate and investment banking division. The acquisition also fits a broader expansion in crypto services. In September, Standard Chartered launched spot Bitcoin and Ether trading for institutional clients in the United Arab Emirates.