Standard Chartered Eyes Zodia: A Crypto Custody Love Story

by

Finance

What to know (or what to pretend you know at parties):

  • Standard Chartered, in a move that screams “midlife crisis,” is reportedly eyeing a full acquisition of Zodia Custody, because why not add another digital asset division to the collection? It’s like buying a sports car, but for banks.
  • They’re also considering keeping Zodia as a separate software-as-a-service platform, because why commit to one thing when you can have it all? It’s the banking equivalent of dating multiple people and calling it “exploring options.”
  • Global banks are diving into digital assets like it’s the last lifeboat on the Titanic, all while regulatory clarity is improving and competition is heating up. Spoiler: It’s always heating up.

Standard Chartered PLC, in a plot twist worthy of a soap opera, is reportedly plotting to fully acquire Zodia Custody Ltd. and merge it with one of its digital asset divisions. Sources close to the matter (read: people who probably shouldn’t be talking) spilled the beans to Bloomberg on Wednesday.

The ‘restructuring’ plan, which could happen as soon as this month, involves folding Zodia’s crypto custody business into one of the bank’s existing divisions. Because nothing says “innovation” like a good old-fashioned merger.

But wait, there’s more! Standard Chartered is also toying with the idea of letting Zodia Custody continue as a separate software-as-a-service (SAAS) business. It’s like breaking up with someone but still wanting to be friends. Awkward.

The sources, who clearly didn’t get the memo about staying quiet, didn’t mention whether Standard Chartered has approached Zodia’s minority shareholders. These include Northern Trust Corp., Emirates NBD Bank PJSC, National Australia Bank Ltd., and SBI Holdings Inc. When asked for comment, Emirates NBD and Northern Trust declined, while SBI Holdings and NAB were too busy to respond. Classic.

Standard Chartered, in true corporate fashion, refused to comment on the potential takeover. Zodia, meanwhile, was too busy custodizing things to respond. Priorities, people.

Standard Chartered has been on a digital asset spree lately, launching its own custody services in Luxembourg and offering crypto trading for institutional clients. It’s like they finally discovered the internet in 2023.

Banks everywhere are jumping on the digital asset bandwagon, thanks to improving regulatory clarity in places like the U.S. and Europe. Crypto custody has become the new black, with firms like State Street, BNY Mellon, and Morgan Stanley all vying for a piece of the pie. Morgan Stanley even named Coinbase and BNY Mellon as custodians for a proposed bitcoin ETF. Fancy.

Zodia, which started life in 2020 as a joint venture between Standard Chartered and Northern Trust, has since raised $18.5 million in a Series A funding round. They’re expanding their stablecoin payment services, because who doesn’t love a good stablecoin? The firm employs around 150 people across seven offices, because why work from home when you can have seven offices?

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2026-04-08 18:13