Standard Chartered Bank will acquire the crypto custody business of its subsidiary Zodia Custody.

According to Bloomberg, Standard Chartered Bank will acquire the crypto custody business of its subsidiary Zodia Custody, with its non-binding offer accepted by other Zodia Custody shareholders and noteholders. Margaret Harwood-Jones, Global Head of Funding and Securities Services at Standard Chartered, stated that the merger will pave the way for Standard Chartered to launch crypto custody services in new markets such as the UK and Australia. Following the acquisition, Zodia Custody's infrastructure business will continue to operate as an independent Software-as-a-Service company, 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, National Bank of the UAE, National Australia Bank, and SBI Holdings; whether these parties will retain their stakes in Zodia Solutions is still under negotiation.