Standard Chartered signs agreement to acquire crypto custodian Zodia Custody

Standard Chartered has signed definitive agreements to acquire digital asset custodian Zodia Custody on Wednesday, October 21. Bitcoin Magazine Markets, The Block, Cointelegraph, and The Defiant all reported that the transaction remains subject to regulatory approvals and closing conditions. Cointelegraph added that the signing follows the acceptance by Zodia shareholders of a non-binding offer from the bank in May. [1][2][3][5]

Under the terms of the deal, Standard Chartered will acquire 100 percent of Zodia Custody UK Limited, the parent company of the regulated operating entities, according to Cointelegraph. The Defiant reported that Zodia Custody operations will be integrated into the bank's Securities Services business. Software and professional services will move to Zodia Solutions under SC Ventures. [3][5]

Standard Chartered plans to integrate Zodia Custody into its existing digital asset custody operations, Bitcoin Magazine Markets reported. The bank already offers custody services in the United Arab Emirates, Luxembourg, and Hong Kong, and recently announced plans to extend institutional custody services to Singapore. As FTMQ Crypto reported earlier, the bank also launched institutional custody for Ripple's RLUSD stablecoin through its Dubai branch. [1][10]