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Standard Chartered's Zodia raises $36 million

Published on

April 27, 2023
Read Time:2 Minute, 6 Second

World banks proceed to increase their cryptocurrency-related capabilities, with British multinational financial institution Customary Chartered elevating new funds for its crypto platform Zodia.

Customary Chartered-backed crypto custody subsidiary Zodia Custody has raised $36 million in a brand new Sequence A funding spherical, Bloomberg reported on 04/27

Japanese monetary conglomerate SBI Holdings led the fundraiser, turning into Zodia's second-largest shareholder, stated Julian Sawyer, CEO of Zodia Custody.

Previous to the spherical of financing, Zodia, headquartered in London, was backed solely by Customary Chartered and Northern Belief, with Customary Chartered proudly owning a 90% stake within the firm. In keeping with Sawyer, it nonetheless stays the controlling shareholder after the fundraiser.

Stressing that elevating exterior funds after a subsidiary has reached a sure stage is typical of Customary Chartered's ventures technique, Zodia's CEO harassed, stating:

"It is a part of our technique to be backed by banks and all the great issues that that brings," he stated. "That does not imply there must be only one financial institution."

With the brand new funding, Customary Chartered’s Zodia plans to extend the variety of cryptocurrencies it helps, together with staked Ether (ETH).

The corporate may also channel the newly raised funds for geographic growth past its present markets in Europe and Asia. The corporate is especially occupied with alternatives within the Center East, however plans to steer clear of america as a result of regulatory uncertainties.

Sawyer famous that there's a large lack of readability about which cryptocurrencies needs to be thought-about securities in america. "We hope the US gives that readability, however for now it is truthful to say that it is troublesome to foretell what that can be over the following 12 to 18 months," the CEO added.

Associated: Bitcoin at banks: Raiffeisenlandesbank gives crypto funding companies

The information comes shortly after Zodia expanded its enterprise in Japan by means of a three way partnership with SBI Holdings in February 2023. Like the worldwide Zodia division, its Japanese spin-off is aimed solely at institutional traders. The three way partnership is 51% owned by SBI's crypto outfit SBI Digital Asset Holdings and 49% owned by Zodia Custody.

Customary Chartered, one of many largest banks within the UK, initially introduced plans to offer institutional custody for cryptocurrencies like Bitcoin (BTC) as early as 2020. Based in 2021, Zodia weathered the crypto bear market of 2022 and the collapse of main industries like FTX Celsius.

Journal: Crypto Regulation – Does SEC Chairman Gary Gensler Have the Final Phrase?

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : April 27, 2023
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