Standard Chartered Signs Binding Deal to Buy All of Crypto Custodian Zodia Custody

Introduction

Standard Chartered has moved from a non‑binding proposal announced in May to a binding acquisition agreement for Zodia Custody Limited. The deal will bring Zodia’s regulated crypto‑custody operations in Luxembourg, Singapore, Hong Kong, Australia and the UAE under the bank’s Securities Services unit, while the firm’s software and professional‑services division will be carved out as a separate entity backed by a consortium of investors.

What the Deal Entails

• Full acquisition of Zodia Custody – Standard Chartered I.H. Limited will acquire 100% of Zodia Custody Limited, the parent of Zodia’s licensed custody businesses across five jurisdictions. The acquisition is subject to regulatory approvals and customary closing conditions; no purchase price or timeline has been disclosed.
• Spin‑out of Zodia Solutions – The non‑custody side of Zodia, encompassing its digital‑asset software platform and professional services, will be transferred to a new standalone company, Zodia Solutions. This entity will sit under SC Ventures and will be funded by seven investors: NAB Ventures, Northern Trust, SBI Ventures Asset, Further Ventures’ Q Studio, Emirates NBD, Investcorp’s Zodia Investments, and Zodia Holdings (owned by SC Ventures).
• Leadership updates – Ying Ying Tan, who succeeded Margaret Harwood‑Jones as Global Head of Securities Services, is now also Global Head of Digital Assets at Standard Chartered. Richard Clark will continue as CEO of Zodia Custody, and Craig Perrin will lead Zodia Solutions.

Strategic Implications

The acquisition aligns with a broader trend of traditional banks expanding into digital‑asset custody. By folding Zodia’s regulated custody platform into its existing services, Standard Chartered can offer a more comprehensive suite to institutional clients seeking secure storage for cryptocurrencies and other tokenized assets. At the same time, the spin‑out allows the software arm to develop and commercialise its technology independently, supported by a diverse group of investors that includes both banking and venture‑capital players.

Expected Impact on Clients

Standard Chartered has emphasized that the transition will be seamless for existing Zodia custody customers. Service continuity is a priority, and the bank expects no disruption to client operations. The integration also promises access to Standard Chartered’s global network, potentially expanding the reach of Zodia’s custody solutions to new markets and client segments.

Next Steps

The transaction remains subject to regulatory clearance in each of the jurisdictions where Zodia operates. Once approved, the bank will finalize the integration of the custody business and launch Zodia Solutions as an independent venture. Stakeholders will be watching for further details on the purchase price, closing timeline, and how the new software entity will position itself within the rapidly evolving digital‑asset ecosystem.

--- This article was prepared using AI assistance and reviewed for accuracy by the editorial team.