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Crypto Storage Provider Zodia Custody Raises $36M From SBI Holdings, Standard Chartered
The firm will use the funds to increase its token coverage and enhance its settlement product, Interchange.
Updated May 9, 2023, 4:13 a.m. Published Apr 27, 2023, 9:55 a.m.
Cryptocurrency storage provider Zodia Custody has raised $36 million from Japanese financial-services firm SBI Holdings and SC Ventures, the venture arm of Zodia's parent company, Standard Chartered, a multinational bank based in the U.K.
Zodia Custody, which provides digital-asset custody services to institutional clients, will use the funding to increase its token coverage and enhance its settlement product, Interchange, which protects clients' assets that are traded on exchanges, it said in an emailed statement.
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The funding demonstrates the continuing appetite among institutional investors for custodians that provide crypto storage services. Crypto custodian Copper, for example, earlier this month formed a partnership with exchange OKX to allow institutional clients to keep their assets safeguarded while delegating the assets to trade on OKX's platform.
“The future direction of the digital-asset ecosystem is clear," Zodia Custody CEO Julian Sawyer said. "As investors demand greater assurance and rigor, compliance is crucial to the future evolution of our sector."
The London-based firm is majority-owned by Standard Chartered. Northern Trust, a U.S. bank, owns a minority stake.
Zodia Custody in February formed a joint venture with SBI Holdings to set up a crypto asset custodian in Japan.
Read More: Ex-a16z Engineering and Security Heavyweights to Start Crypto Custody Firm: Source
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