TL;DR
- Zodia Custody, the digital asset custody firm of Standard Chartered Plc, is seeking to raise $50 million in a new funding round.
- The company plans to attract investments from a variety of partners, including payment and tokenization companies, in response to the increasing interest from users and businesses.
- The firm joins an expanding custody market, where institutions like Bank of New York Mellon, State Street, and Citigroup are also exploring their own offerings.
Zodia Custody, the digital asset custody company of Standard Chartered Plc, is in negotiations to raise $50 million in a new funding round.
This initiative aims to strengthen its position in the cryptocurrency custody market, which has grown exponentially in recent years. Zodia Custody’s CEO, Julian Sawyer, confirmed that the company plans to expand its geographic presence and diversify its product offerings.
The interest from users and businesses in securing their cryptocurrencies has significantly increased, leading companies to seek investments from a wider range of partners, including payment and tokenization firms, in addition to the wholesale investors it already works with. This strategy is aimed at broadening its reach within the crypto industry.
Zodia Custody joins a market that includes both emerging companies and large banking institutions. Renowned companies like Bank of New York Mellon, State Street, and Citigroup have begun to explore their own cryptocurrency custody offerings, indicating a growing recognition of the potential of this sector.
Zodia Joins the Surge of Custody Services
Interest in custody is not only a response to market demand but also a reaction to the security threats facing the industry. According to reports, the cost associated with cyberattacks in the crypto sector amounted to $1.8 billion last year, highlighting the critical need for robust and secure custody services.
Recently, Zodia raised $36 million in a previous investment round led by SBI Holdings, with additional backing from institutions such as National Australia Bank and Northern Trust. It is important to note that the firm is majority-owned by Standard Chartered and shares its name with Zodia Market. A digital asset trading business also controlled by the bank.
Zodia’s pursuit of additional capital is indicative of its ambition to strengthen its offerings and its position in a market that is experiencing growth due to the arrival of new players and an increasing demand for secure solutions for digital asset custody
