Standard Chartered signed definitive agreements on Wednesday, October 21, to acquire 100% of digital asset custodian Zodia Custody Limited, advancing its plans to bring the company's custody operations in-house. The signing follows a May offer that was accepted by Zodia shareholders and noteholders.
Full Ownership Sought
Through its Standard Chartered I H Limited unit, the bank plans to purchase all shares in Zodia Custody Limited. Zodia provides custody services to financial institutions that need secure storage for digital assets. The company oversees regulated operations in Singapore, Hong Kong, Australia, the United Arab Emirates, and Luxembourg.
The agreement still requires regulatory clearance and must meet standard closing conditions. Neither company disclosed a purchase price or a new completion date. The parties had originally aimed to sign final documents by June and finish the transaction by August.
Custody Business to Join Securities Services
After closing, Standard Chartered will place Zodia's asset safekeeping operations in its Securities Services division, which already serves institutions handling traditional securities and digital assets. The bank said Zodia clients should continue receiving services without interruption.
Standard Chartered expects the combined operation to support institutions seeking custody for cryptocurrencies and other digital assets across several financial centers. The lender wants clients to access both traditional and digital asset services through its banking network.
Zodia Solutions to Operate Separately
Zodia's software and professional services will shift to Zodia Solutions, a separate company under SC Ventures. Its clients will include Standard Chartered. Zodia Solutions will provide technology and support to banks developing crypto products. Backers include Northern Trust, NAB Ventures, SBI Ventures, and Emirates NBD.
Craig Perrin will lead Zodia Solutions, while Richard Clark heads Zodia Custody. Clark took over in September after Julian Sawyer left the chief executive role.
Standard Chartered has announced plans for crypto custody in Singapore, including support for selected cryptocurrencies, stablecoins, and tokenized assets. Zodia gained a Luxembourg payment institution license in June, allowing it to handle custody and transfers of regulated stablecoins across the European Union.
