Standard Chartered to acquire the crypto custody business of its subsidiary Zodia Custody
Foresight News reports that, according to Bloomberg, Standard Chartered will acquire the crypto asset custody business of its subsidiary Zodia Custody. Its non-binding acquisition offer has been accepted by Zodia Custody's other shareholders and noteholders. Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered, stated that this merger will pave the way for Standard Chartered to launch crypto custody services in new markets such as the UK and Australia.
After the acquisition is completed, Zodia Custody's infrastructure business will continue to operate as an independent software-as-a-service company, and will be renamed Zodia Solutions, led by current CEO Julian Sawyer. Standard Chartered's venture capital arm will hold a majority stake in Zodia Solutions. Current shareholders of Zodia Custody include Northern Trust, Emirates NBD, National Australia Bank, and SBI Holdings. Whether these parties will continue to hold shares in Zodia Solutions is still under negotiation.
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