As a seasoned analyst with a knack for spotting trends in the financial sector, I find it intriguing to witness the rapid expansion of bank-backed crypto custodians like Zodia Custody. With its ambitious $50 million funding round, Standard Chartered’s crypto custodian is clearly aiming to carve out a significant niche in the global market.
Zodia Custody, a company that safeguards cryptocurrencies, is seeking to gather $50 million in investment from backers to finance its ambition of expanding into fresh markets and broadening its service offerings.
Based on a Bloomberg report dated November 4th, the CEO of Standard Chartered’s cryptocurrency custodian subsidiary, Zodia Custody, mentioned that they are aiming to gather $50 million in funding. This was stated by Julian Sawyer himself.
According to Sawyer, the crypto custodian aims to utilize these resources for broadening their operations into new, unexplored territories and increasing their existing range of offerings.
Furthermore, he clarified that while Zodia Custody has backing from several prominent financial institutions, it aims to collaborate with a broader range of investors, particularly those specializing in payment systems and digital tokenization.
As an analyst, I’ve noticed that Sawyer suggests Architect Partners, a firm specializing in crypto advisory, is planning to assist Zodia Custody in their fundraising endeavor, which reportedly started last month. However, it’s important to note that Architect Partners has yet to respond to a request for comment regarding this matter, as mentioned in the Bloomberg report.
In the coming weeks, Komainu Holdings – a cryptocurrency custodian backed by banks and a subsidiary of Japanese bank Nomura – is anticipating the completion of its funding round.
October 22nd saw Komainu combining forces with their Singapore-based competitor, Propine Holdings, aiming to broaden their operational reach in Singapore and various regions across Asia.
Beyond Standard Chartered, other prominent banking groups are also delving into cryptocurrency by establishing crypto custodian divisions or showing a willingness to do so. Notable names among these giants of custody banking include the Bank of New York Mellon, State Street, and Citigroup.
Established in 2021, Zodia Custody is recognized as the cryptocurrency custodial venture between Standard Chartered and Northern Trust. In April 2023, they successfully secured $36 million in funding, with SBI Holdings spearheading this investment round, followed by National Australia Bank and additional companies.
While Zodia Custody may not be a completely new venture for Standard Chartered in the crypto field, as it was previously part of the GDF Patron Board – an alliance focusing on enhancing standards for custody, settlement finality, and brokerage within the crypto and digital asset market.
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2024-11-04 16:30