Standard Chartered-backed Zodia Custody gains funding from Australia’s largest bank

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As a researcher with a background in finance and digital assets, I find Zodia Custody’s latest funding from NAB Ventures an interesting development. The institutional-grade crypto custodian’s growing list of backers speaks volumes about the increasing mainstream adoption of digital assets by traditional financial institutions.

Zodia Custody, a company that securely holds digital assets for institutions, has received financing from Australia’s biggest bank, strengthening its presence in the institutional digital asset custody market.

As a crypto market analyst, I’d rephrase it this way: I’ve learned that Zodia Custody, a reputable crypto custodian with backing from Standard Chartered, has recently secured funding from NAB Ventures, the investment wing of National Australia Bank (NAB), which is known as one of the major financial institutions Down Under.

I, as an analyst, have come across a noteworthy announcement in a press release published on crypto.news. According to this update, Zodia Custody has recently secured funding from four additional global financial institutions, expanding its list of investors. This new backing follows previous investments from Standard Chartered, Northern Trust, and SBI Holdings.

Amanda Angelini, the Managing Director of NAB Ventures, highlighted that the rationale behind their investment in Zodia Custody encompassed several aspects. These factors included their groundbreaking methods, robust security measures akin to institutional standards, and effective collaboration with regulatory bodies. The amount of funding allocated was kept confidential.

Zodia Custody initiated its Australian branch in late 2023 as part of their plan to broaden their reach in the Asia-Pacific region. The announcement of NAB’s investment in Zodia Custody Australia, headed by CEO Kate Cooper, signifies a significant validation of our objectives and goals.

As a crypto investor, I believe this marked a pivotal moment. Institutions and infrastructure providers are now collaborating to construct the mainstream future of digital assets, unyielding in their commitment.

Kate Cooper

Using a more conversational tone,

NAB has recently decided to put on hold its investment in Zodia Custody following a dip in current demand for the bank’s stablecoin project. A representative from NAB shared with crypto.news that “we have temporarily halted our development efforts due to insufficient demand from our customers,” but added that “should the need arise, we can quickly pick up where we left off.”

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2024-06-19 11:12