Standard Chartered to acquire Zodia Custody

Standard Chartered has signed a non-binding connection to bargain Zodia Custody, the integer plus custody institution backed by SC Ventures.

Zodia Custody provides bank-grade, regulated integer plus custody solutions for organization clients worldwide.

The connection has been accepted by Zodia Custody’s shareholders and noteholders.

The woody is inactive taxable to regulatory clearance and different modular closing requirements.

If completed, Zodia Custody’s regulated custody operations volition beryllium folded into Standard Chartered’s existing integer plus custody concern wrong Financing and Securities Services, bringing the group’s custody activities successful this country together.

Zodia Custody CEO Julian Sawyer said: “Digital plus custody is progressively being delivered wrong banking environments. At the aforesaid time, fiscal institutions are progressively seeking specializer infrastructure partners to enactment the motorboat and standard of integer plus services.

“We person seen beardown and accelerating request for our Solutions platform, arsenic institutions look for trusted, bank-grade infrastructure that enables them to design, present and turn integer plus capabilities astatine scale.”

As portion of the aforesaid process, Zodia Custody’s organization integer plus infrastructure level concern volition beryllium separated.

The assets tied to that cognition volition determination to a recently created autarkic company, Zodia Solutions, nether SC Ventures.

Zodia Solutions is expected to support providing bank-grade infrastructure to fiscal institutions, including Standard Chartered, arsenic they make and grow integer plus services.

The institution said Zodia Solutions volition beryllium backed by respective slope investors, among them existent investors successful Zodia Custody.

Standard Chartered added that it does not expect the transaction to interrupt work for clients, and existing custody customers of Zodia Custody volition proceed to beryllium served.

Standard Chartered Financing and Securities Services Global Head Margaret Harwood-Jones said: “This acquisition volition accelerate the maturation of Standard Chartered’s planetary integer assets custody portfolio and enactment the maturation of our Financing and Securities Services business.

“It besides reflects the group’s continued absorption connected gathering an end-to-end Digital Assets offering and it further strengthens our presumption arsenic the trusted span betwixt TradFi and DeFi.”

"Standard Chartered to get Zodia Custody" was primitively created and published by Private Banker International, a GlobalData owned brand.

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