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- Standard Chartered signed definitive agreements to acquire Zodia Custody Limited entirely.
- The integration remains subject to necessary regulatory approvals and customary closing conditions.
- Financial terms and the expected completion date were not disclosed by Standard Chartered.
Standard Chartered signed definitive agreements to acquire Zodia Custody on Oct. 21, aiming to give institutional clients access to crypto custody alongside traditional securities services. The integration remains subject to regulatory approvals and customary closing conditions.
Standard Chartered Moves Beyond Nonbinding Offer
Standard Chartered I H Limited will acquire 100% of Zodia Custody Limited. The company owns regulated operating entities in Singapore, Hong Kong, Australia, the United Arab Emirates and Luxembourg.
Zodia’s shareholders and noteholders accepted the bank’s nonbinding offer, announced May 18. The proposed separation of its custody and technology businesses was already part of that plan. Standard Chartered said then that combining custody operations could increase revenue and reduce costs while broadening its offering to clients globally.
The October announcement did not disclose financial terms or an expected completion date. Standard Chartered said existing custody clients would continue receiving services as usual and that it expected no disruption.
Zodia Separates Software Business From Custody
Zodia’s digital asset software and professional services business will transfer to Zodia Solutions, an independent entity to be established under SC Ventures. Zodia Solutions will supply technology to financial institutions, while the regulated custody operations will become part of the bank.
Standard Chartered said Zodia Solutions would receive backing from investors including Northern Trust, NAB Ventures, SBI Ventures Asset and Emirates NBD. Standard Chartered will also be a customer of the technology business, which will support institutions launching and expanding digital asset services.
Standard Chartered Plans Singapore Custody Offering
The acquisition follows an Oct. 8 announcement that Standard Chartered’s Singapore bank plans custody services for selected cryptocurrencies, stablecoins and tokenized real-world assets. The planned service targets institutional clients and corporate clients that qualify as accredited investors, subject to applicable regulatory requirements.
Standard Chartered said the Singapore offering would complement its financing and securities services, bringing traditional asset servicing, tokenization and digital asset custody together. It described the initiative as an expansion of its presence in markets including the United Arab Emirates, Luxembourg, and Hong Kong.
