Standard Chartered to Bring Zodia Custody's Crypto Custody Business In-House

Standard Chartered is preparing to acquire the crypto custody operations of its subsidiary Constellation Custody and fold them into the bank's own digital-asset infrastructure, CoinDesk reported. Bloomberg cited a statement saying the bank's nonbinding offer has been accepted by other Zodia Custody shareholders and bondholders. Following the deal, Zodia Custody will continue operating as an independent software-as-a-service platform. Zodia was formed in 2020 as a joint venture between Standard Chartered's innovation unit SC Ventures and Northern Trust. The firm raised $36 million in its first funding round in 2023 and is in talks to secure an additional $50 million by the end of 2024. The move follows Standard Chartered's parallel buildout of crypto custody capabilities. In January 2025, the bank obtained a Luxembourg license to provide crypto custody services under MiCA. It later launched a branded custody division, creating overlapping infrastructure that has prompted integration discussions. In April, Standard Chartered was reported to be weighing the combination of Zodia's custody services with its corporate and institutional banking unit.