Zodia gets a bank vault as Standard Chartered inks definitive crypto custody deal

Standard Chartered has signed definitive agreements to acquire Zodia Custody’s regulated operating entities, subject to regulatory approvals and closing conditions, the UK-based lender said.

The signing advances a transaction announced in May, when Zodia’s shareholders accepted Standard Chartered’s non-binding offer. As part of the deal, Standard Chartered would acquire 100% of Zodia Custody UK Limited, the parent company of Zodia’s regulated operating entities in Singapore, Hong Kong, Australia, Luxembourg and the United Arab Emirates, the bank said in a Wednesday announcement.

Zodia’s crypto custody business would be integrated into Standard Chartered’s existing Securities Services operations. Zodia would also transfer its software and professional-services assets to Zodia Solutions, an independent entity under SC Ventures, which would provide digital asset infrastructure for financial institutions.

The bank reportedly began considering folding Zodia’s crypto custody business into its corporate and investment banking division in April. The acquisition forms part of Standard Chartered’s broader expansion in crypto services, which included launching spot Bitcoin and Ether trading for institutional clients in the United Arab Emirates in September. The lender has also questioned a $100K Bitcoin year-end target, saying it may be ‘too low’.