Standard Chartered signs definitive deal to take full control of Zodia Custody
Standard Chartered has signed definitive agreements to acquire 100% of crypto custodian Zodia Custody, moving to absorb its regulated operations into the bank's Securities Services division subject to regulatory approval.
Standard Chartered has entered into definitive agreements to acquire 100% of crypto custodian Zodia Custody Limited through its entity Standard Chartered I H Limited. The transaction formalizes a non-binding proposal originally accepted by Zodia's shareholders and noteholders in May, though the deal remains subject to regulatory approvals and customary closing conditions.[3][6][7]
Under the terms of the agreement, Standard Chartered will bring Zodia Custody's regulated digital asset custody operations in Singapore, Hong Kong, Australia, the United Arab Emirates, and Luxembourg directly into its Securities Services unit. Standard Chartered stated that it anticipates no service disruptions for existing custody clients.[1][7][8]
The company's digital asset software and professional services arm will be carved out into a standalone firm called Zodia Solutions under the bank's innovation unit, SC Ventures. Zodia Solutions will be led by Chief Executive Craig Perrin and backed by seven institutional investors, including Northern Trust, Emirates NBD, NAB Ventures, SBI Ventures Asset, Further Ventures' Q Studio, Investcorp's Zodia Investments, and SC Ventures-owned Zodia Holdings.[2][4][7]
The parties did not disclose a purchase price or target closing date for the acquisition. Zodia Custody CEO Richard Clark noted that custody is increasingly becoming integrated into the broader banking sector as institutional digital asset adoption picks up.[6][7][8]
Key facts
- Standard Chartered I H Limited signed definitive agreements to acquire 100% of Zodia Custody Limited.
- The transaction converts a non-binding offer accepted by Zodia shareholders and noteholders in May into a binding deal.
- Zodia Custody's regulated businesses across Australia, Hong Kong, Luxembourg, Singapore, and the UAE will integrate into Standard Chartered's Securities Services unit.
- Zodia's software and professional services business will separate into Zodia Solutions under SC Ventures.
- Seven backers were named for Zodia Solutions: NAB Ventures, Northern Trust, SBI Ventures Asset, Further Ventures' Q Studio, Emirates NBD, Investcorp's Zodia Investments, and Zodia Holdings.
- No transaction valuation, purchase price, or expected closing date was disclosed.
- The acquisition remains subject to pending regulatory approvals and customary closing conditions.
Sources · 8 sources
- TW
The Wolf Of All Streets@scottmelkerPost on X ·
JUST IN: STANDARD CHARTERED SIGNS DEFINITIVE AGREEMENTS TO ACQUIRE 100% OF CRYPTO CUSTODIAN ZODIA CUSTODY ZODIA RUNS REGULATED CRYPTO CUSTODY IN SINGAPORE, HONG KONG, AUSTRALIA, THE UAE AND LUXEMBOURG
Open source - CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: Standard Chartered moves to take full ownership of Zodia Custody The bank has signed definitive acquisition agreements subject to regulatory approval, with Zodia’s custody operations moving into the bank while its software business will operate separately under SC Ventures.
Open source - CT
Coin TelegraphArticle ·
Standard Chartered signs definitive deal to acquire Zodia Custody The signing follows shareholders’ acceptance of Standard Chartered’s non-binding offer in May, with regulatory approvals still pending.
Open source - CR
CryptoSlate@CryptoSlatePost on X ·
.@StanChart signed an agreement to acquire 100% of Zodia Custody, pending regulatory approval. Zodia’s custody business would join Securities Services, while its software and professional-services arm would become Zodia Solutions. via @hardeyjumoh https://t.co/1IOaxygb3q
Open source - TB
The BlockArticle ·
Standard Chartered signs definitive agreements to acquire Zodia Custody Standard Chartered has signed definitive agreements to acquire Zodia Custody, subject to regulatory approval.
Open source - LS
Laura Shin@laurashinPost on X ·
Standard Chartered has signed definitive agreements to acquire 100% of crypto custodian Zodia Custody, five months after its non-binding offer was accepted. No price or closing date was disclosed, and the deal still needs regulatory approval. https://t.co/RaDjYVXFv5
Open source - UN
UnchainedArticle ·
Standard Chartered Signs Binding Deal to Buy All of Crypto Custodian Zodia Custody Standard Chartered has signed definitive agreements to buy Zodia Custody , turning the non-binding offer it disclosed in May into a binding deal for the crypto custodian its venture arm backed. Under the agreements, which the bank announced on Wednesday, its entity Standard Chartered I H Limited will take 100% of Zodia Custody Limited. That company is the parent of Zodia’s regulated custody businesses in five jurisdictions: Luxembourg, Singapore, Hong Kong, Australia and the UAE. The deal still needs regulatory approvals and has to meet customary closing conditions. The release gave no purchase price and no expected closing date, and it did not name the regulators involved. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . From Offer to Signed Deal Standard Chartered first said on May 18 that Zodia’s shareholders and noteholders had accepted its non-binding proposal. Once the deal completes, Zodia’s regulated custody arm will be folded into the bank’s existing digital asset custody operations inside its Securities Services unit, and the rest of Zodia will be split off. That remainder, Zodia’s digital asset software and professional services work, will move to Zodia Solutions , a new standalone company being set up under SC Ventures . In May, the bank said only that a group of bank investors would back the new firm. Wednesday’s release named seven of them: NAB Ventures, Northern Trust, SBI Ventures Asset, Further Ventures’ Q Studio, Emirates NBD, Investcorp’s Zodia Investments and Zodia Holdings, which SC Ventures owns. The bank said it expects no disruption for clients and that existing Zodia custody customers will keep being served as usual. New Executives Quoted The executives speaking for the deal changed between the two announcements. In May, comments came from Margaret Harwood-Jones, Standard Chartered’s then-Global Head of Financing and Securities Services, and Julian Sawyer, Zodia Custody’s then-CEO. Wednesday’s release quoted Ying Ying Tan , who succeeded Harwood-Jones as the bank’s Global Head of Securities Services, Standard Chartered announced on Oct. 14. Harwood-Jones moved to CEO, UK & Europe, and Tan was also named Global Head of Digital Assets. Wednesday’s release also quoted Richard Clark as Zodia Custody’s CEO. Tan said in the bank’s release that the purchase “further deepens our digital asset custody portfolio” and that Standard Chartered would keep investing in its platform. Clark tied the sale to banks taking on more of the custody market, saying that “custody is increasingly becoming part of the global banking landscape” as institutions adopt digital assets. Craig Perrin, named as chief executive of Zodia Solutions, said: “Financial institutions are moving beyond digital asset pilots towards operating services at scale.” Related Listen: Bitcoin Custody Has 5 Levels. Where Should Your Keys Actually Live? The post Standard Chartered Signs Binding Deal to Buy All of Crypto Custodian Zodia Custody appeared first on Unchained .
Open source - JM
Jacquelyn Melinek@jacqmelinekPost on X ·
NEW: @StanChart signed definitive agreements to fully acquire @ZodiaCustody, subject to regulatory approvals. This is another TradFi x crypto acquisition, following the @SPGlobal deal to buy @OpenZeppelin last month. More details on the acqusition: - Zodia's regulated custody businesses in Singapore, Hong Kong, Australia, the UAE and Luxembourg will be folded into the bank's Securities Services unit. - Its software arm is spinning out as Zodia Solutions under SC Ventures "As institutional adoption of digital assets accelerates, custody is increasingly becoming part of the global banking landscape," Zodia CEO Richard Clark said in the release.
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