Exchanges· ★★★★· bullish·

Standard Chartered to buy Zodia Custody, spin off software arm as Zodia Solutions

  • —Standard Chartered is buying all of Zodia Custody Limited, whose regulated entities operate in Singapore, Hong Kong, Australia, the UAE and Luxembourg
  • —Zodia's custody operations will be integrated into the bank's Securities Services division
  • —Software and professional-services activities will move to Zodia Solutions under SC Ventures
  • —Backers include Northern Trust, NAB Ventures, SBI Ventures, Further Ventures and Emirates NBD
Why it matters: A major bank is bringing crypto custody in-house while spinning off the infrastructure software into a multi-bank-backed independent player.
Source: Cryptonaute
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