In a move that reflects the growing confidence in the digital assets sector, Zodia Custody, backed by Standard Chartered Bank, is set to raise $50 million in fresh investment. The funding round aims to enable the company to strengthen its position as a leading provider of digital asset custody solutions for financial institutions and large corporates.
Zodia Custody is expected to invest the funds raised in expanding its operations to new markets, developing its technology platform to meet the evolving needs of its clients, and strengthening its team by attracting top crypto experts. This move underscores the growing trend of financial institutions towards adopting digital assets, indicating a promising future for the cryptocurrency sector.
Sawyer noted that the custodian is looking to diversify its investor base by attracting participation from payment and digital representation companies. The fundraising effort, which began last month, is being advised by Architect Partners, a crypto-focused advisory firm.
This new funding round, valued at $50 million, follows a previous funding round in April 2023 in which SBI Holdings led an investment of $36 million. The names of the other investors in that round were not disclosed.
In June of the same year, Zodia Custody announced a strategic partnership with 21Shares, a leader in real-asset-backed exchange-traded products (ETPs). The partnership aims to provide secure and flexible custody solutions for 21Shares’ products traded on Swiss and European stock exchanges. These solutions contribute to enhancing investor confidence by providing additional layers of security and regulatory compliance.
Standard Chartered is the largest investor in Zodia Custody, a digital asset custody company. Other investors in the company include Northern Trust, SBI Holdings and National Australia Bank.
It is worth noting that Zodia Custody shares a name with Zodia Markets, another Standard Chartered subsidiary that specializes in trading digital assets. Despite the similarity in name, the two companies operate in different fields, as Zodia Custody provides custody services, while Zodia Markets provides trading services.
