Zodia Custody, an institutional-focused cryptocurrency custody platform co-owned by Standard Chartered, is actively seeking to raise $50 million in new funding. This strategic move is designed to broaden its global reach and enhance its suite of digital asset services.
Purpose of the Funding
The primary objectives for securing this capital include:
- Geographical Expansion: Entering new markets to cater to a growing institutional client base.
- Product Diversification: Developing and offering a wider array of crypto custody solutions.
- Investor Base Diversification: Attracting investments from sectors such as payments and tokenization to strengthen its market position.
Strategic Partnerships and Advisory
To facilitate this fundraising effort, Zodia Custody has engaged Architect Partners, a crypto-focused advisory firm, to identify and secure potential investors. This collaboration underscores Zodia’s commitment to aligning with industry experts to achieve its expansion goals.
Background and Previous Funding
Established in 2021, Zodia Custody has rapidly positioned itself as a significant player in the crypto custody landscape. In April 2023, the company raised $36 million in a Series A funding round led by Japan’s SBI Holdings. Other notable backers include National Australia Bank and Northern Trust.
Current Operations and Services
Headquartered in London, Zodia Custody operates in major financial hubs, including:
- Dublin
- Luxembourg
- Sydney
- Hong Kong
- Singapore
- Tokyo
The platform supports 38 cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC), providing comprehensive custody solutions for institutional clients.
Industry Context
The move to raise additional capital aligns with a broader trend of traditional financial institutions entering the crypto custody space. Banks like Bank of New York Mellon, State Street, and Citigroup have initiated digital asset custody services, reflecting the growing institutional demand for secure digital asset storage solutions.
Future Outlook
By securing this $50 million funding, Zodia Custody aims to:
- Enhance Service Offerings: Introduce innovative custody solutions tailored to institutional needs.
- Strengthen Market Position: Solidify its standing as a leading crypto custodian in the evolving digital asset ecosystem.
This strategic initiative positions Zodia Custody to effectively meet the increasing demand for institutional-grade crypto custody services.
Conclusion
Zodia Custody’s pursuit of $50 million in new funding underscores its dedication to expanding its global footprint and diversifying its service offerings. As institutional interest in digital assets continues to rise, Zodia is strategically positioning itself to capitalize on emerging opportunities in the crypto custody landscape.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.