Standard Chartered Seeks Full Ownership of Crypto Custodian Zodia Custody
Summary
- Standard Chartered said it is seeking to acquire 100% of Zodia Custody, its crypto custody subsidiary.
- The bank said Zodia Custody's custody business will be integrated into Standard Chartered's securities services division once the acquisition is completed.
- Software and other services will be transferred to Zodia Solutions under SC Ventures, which plans to provide crypto infrastructure services to financial institutions.
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Standard Chartered is seeking to acquire 100% of Zodia Custody, its cryptocurrency custody subsidiary.
Cointelegraph reported on October 21 that the bank had signed a definitive agreement to acquire full ownership of Zodia Custody. The deal follows shareholders' acceptance in May of Standard Chartered's non-binding takeover proposal.
Once the acquisition is completed, Zodia Custody's custody business will be integrated into Standard Chartered's existing securities services division.
Its software and other services businesses will be transferred to Zodia Solutions, an independent entity under SC Ventures. Zodia Solutions plans to provide crypto infrastructure services to financial institutions.
Standard Chartered has been expanding its crypto business. Last month, it launched spot trading services for Bitcoin and Ether for institutional clients in the United Arab Emirates.
