Standard Chartered has finalized agreements to acquire Zodia Custody, securing full ownership of the crypto custodian after previously making a non-binding offer in May 2024. The deal, signed by Standard Chartered I H Limited, a subsidiary of the UK-based multinational banking group, marks the conversion of the earlier proposal into a binding arrangement.
Deal structure and regulatory steps
Under the definitive agreements announced on Wednesday, Standard Chartered I H Limited will take full control of Zodia Custody Limited. Zodia Custody serves as the parent organization for regulated digital asset custody operations across five jurisdictions: Luxembourg, Singapore, Hong Kong, Australia, and the United Arab Emirates.
The transaction remains subject to regulatory approvals and customary closing conditions. The bank did not disclose the purchase price or the anticipated timeline for the deal’s closure, nor did it list which regulatory bodies must authorize the transaction.
Standard Chartered is a major international financial institution headquartered in London, known for providing banking and financial services globally.
Integration of custody and new ventures
Upon completion, Zodia’s regulated custody business will be integrated into Standard Chartered’s Securities Services unit, further expanding the bank’s digital asset custody capabilities. The remaining elements of Zodia, focusing on digital asset software and professional services, will be separated and transferred to Zodia Solutions, a newly formed standalone company under SC Ventures.
SC Ventures operates as Standard Chartered’s innovation, fintech, and investment arm, supporting new ventures and emerging technologies.
Mini dictionary: Zodia Custody, a digital asset custodian founded with backing from SC Ventures, offers regulated digital asset custody services for institutional clients, ensuring the safekeeping and security of cryptocurrencies and other digital assets in compliance with financial regulations.
Seven financial backers for Zodia Solutions have been named: NAB Ventures, Northern Trust, SBI Ventures Asset, Further Ventures’ Q Studio, Emirates NBD, Investcorp’s Zodia Investments, and Zodia Holdings, which is owned by SC Ventures. This group reflects institutional interest in developing infrastructure for digital asset services.
| Company | Role/Contribution |
|---|---|
| Standard Chartered | Acquiring Zodia Custody, integrating custody business |
| Zodia Custody | Digital asset custodian, five jurisdictions |
| Zodia Solutions | Spin-off for digital asset software/services under SC Ventures |
| NAB Ventures, Northern Trust, SBI Ventures Asset, Q Studio, Emirates NBD, Investcorp’s Zodia Investments, Zodia Holdings | Named investors in Zodia Solutions |
Leadership and industry perspectives
Recent leadership changes were highlighted in the announcement. Ying Ying Tan, who became Global Head of Securities Services and Global Head of Digital Assets at Standard Chartered in October 2024, now leads the integration. Margaret Harwood-Jones, who previously held the role, has transitioned to CEO, UK & Europe. Zodia Custody’s CEO, Richard Clark, and Craig Perrin, CEO of Zodia Solutions, also featured in the new statements.
Tan emphasized the bank’s commitment to innovation in digital asset infrastructure, stating that the acquisition will further strengthen its digital asset custody portfolio and the bank will continue to invest in its platform.
Tan underscored that incorporating Zodia Custody “further deepens our digital asset custody portfolio” and reaffirmed continued investment in expanding their platform.
Clark observed that the custody market is becoming increasingly integrated with the global banking sector as more financial institutions adopt digital assets. He said, “custody is increasingly becoming part of the global banking landscape.”
Craig Perrin, as CEO of Zodia Solutions, noted that financial institutions are moving from digital asset pilot projects toward delivering operational services at scale.
Standard Chartered also stated that clients should expect no disruption, with current Zodia Custody customers continuing to receive services as usual during the transition.
