With the growing popularity of digital assets, Zodia Custody, a big-name crypto custodian owned by Standard Chartered, is scaling up its international presence with new funding initiatives. Recently, Zodia’s CEO, Julian Sawyer, revealed the company’s plans to raise $50 million to broaden its services and introduce new products, as reported by Bloomberg on November 4.

Backed by several major financial entities, Zodia Custody is aiming to attract a more varied group of investors, including firms focused on payments and digital tokenization, according to Sawyer. This funding push, which began in October, is in partnership with the advisory firm Architect Partners, known for its expertise in the cryptocurrency sector.

A Growing Presence in Key Financial Markets

Since its launch in 2021, Zodia Custody has been expanding its footprint in important financial centers worldwide. The firm now operates in major cities such as London, Dublin, Luxembourg, Sydney, Hong Kong, Singapore, and Tokyo, marking a significant international presence for the crypto custody platform. Headquartered in London, Zodia has also achieved multiple regulatory registrations, including recognition from the Hong Kong Companies Registry.

The company’s 2023 Series A funding round, led by Japanese financial giant SBI Holdings, raised $36 million. Despite this injection of capital, Standard Chartered retained a 90% ownership stake in Zodia Custody. Other investors include reputable institutions such as the National Australia Bank and Northern Trust.

Zodia Custody currently supports 38 cryptocurrencies, including well-known assets like Bitcoin and Ether, along with stablecoins such as Tether’s USDt and USD Coin (USDC). This range of offerings reflects the platform’s focus on meeting the varied needs of institutional clients in the digital asset space.

Rising Interest in Institutional Crypto Custody

Zodia Custody’s expansion comes with a growing global interest in cryptocurrency custody services from major financial institutions. Large banks and investment firms are increasingly entering the space, in response to the surge in demand for secure digital asset storage options among institutional investors.

Digital asset custody service launched by Bank of New York Mellon, one of the oldest banks in the U.S. is an example of mainstream financial institutions adopting the changes. More recently, Nomura Holdings, Japan’s largest investment bank, announced plans to acquire the Singapore-based crypto custody business Propine Technologies, as part of an effort to expand its presence in Asia. Meanwhile, Taiwan’s Financial Supervisory Commission started an institutional trial for crypto custody services in early October, reflecting Asia’s increasing embrace of digital asset custody.

In the U.S., State Street, another major financial services company, has partnered with digital asset infrastructure firm Taurus to offer institutional custodial and tokenization services. This collaboration aligns with the global trend of institutions strengthening their presence in the digital asset custody market.

With its latest funding round, Zodia Custody is positioning itself as a prominent player in this rapidly evolving field. As more financial giants recognize the demand for secure cryptocurrency custody solutions, Zodia’s growth trajectory suggests that institutional crypto custody is set to play a significant role in the future of finance.

Also Read: Crypto Custodial Service Under Fire: U.S. Fed Intensifies Scrutiny