Zodia Custody, the digital asset custodian backed by Standard Chartered, is reportedly seeking to raise $50 million to fuel its international expansion and broaden its product lineup.
CEO Julian Sawyer confirmed that the funds will support entry into new markets and add new services, as well as diversify its investor base by attracting backers from payment and tokenization sectors. The fundraising effort was launched last month and is being advised by Architect Partners, a crypto-focused advisory firm.
Since its inception in 2020, Zodia Custody has been helping financial institutions in the secure storage and management of their cryptocurrency assets. The custodian has been on a rapid expansion trajectory in Asia. The firm launched its services in Japan, Singapore, and Australia, with Hong Kong being the latest addition to this list.
Julian Sawyer, CEO of Zodia said that the demand for crypto in these markets is institution-driven—a perfect match for Zodia’s client profile.
This round follows a successful $36 million raise led by SBI Holdings in April 2023, which was part of Zodia’s ongoing growth strategy. In June, Zodia Custody partnered with 21Shares to provide custody services for physically backed crypto exchange-traded products in Switzerland and Europe.
Standard Chartered holds a majority stake in Zodia Custody, with Northern Trust, SBI Holdings, and National Australia Bank Ltd. also among its backers.
In 2023, SC’s crypto brokerage arm Zodia Markets secured registration as a Virtual Asset Service Provider (VASP) from Ireland’s central bank. The company previously received similar permissions in the United Kingdom and in Abu Dhabi.
With the registration in Ireland, Zodia Markets now possesses a licensed entity within the European Union as the bloc gears up for the full-fledged roll-out of its Markets in Cryptoassets Regulation (MiCA). Once MiCA takes effect by the end of 2024, entities licensed in any member state will, in essence, find it more seamless to operate across the entire bloc.
