• Standard Chartered’s Zodia Custody recently raised $36 million in a funding round led by SBI Holdings and SC Ventures.
• The funds will be used to pursue international expansion, improve its interchange and off-exchange settlement services, and protect client assets that are traded on crypto exchanges.
• Earlier this week, analysts at the bank said they believe crypto winter is over and Bitcoin could rally towards the $100k mark by next year.
Standard Chartered’s Zodia Custody Raises $36 Million
Crypto storage provider Zodia Custody has raised $36 million in a recent funding round. The crypto-focused subsidiary of Standard Chartered will use the funds for international expansion. The funding round was led by SBI Holdings and SC Ventures.
Funding Round Details
Zodia Custody did not disclose the valuation of the company following this funding round, but revealed that the funds would be used to boost geographic expansion and increase their coverage. They also plan to improve their interchange and off-exchange settlement services as they seek to protect client assets that are traded on crypto exchanges.
Standard Chartered Bullish on Bitcoin
Standard Chartered, the parent company of Zodia Custody, is bullish on Bitcoin. Earlier this week, analysts at the bank said they believe crypto winter is over and Bitcoin could rally towards the $100k mark by next year. At press time, the price of Bitcoin stands at $29,066, up by more than 50% year-to-date.
Background Information
Zodia Custody was originally launched by Standard Chartered and Northern Trust (the asset servicing firm) in 2021. The firm announced a joint venture with Japanese-based SBI Digital Asset Holdings earlier this year to launch a custody business in Japan.