Standard Chartered is reportedly planning to bring parts of its crypto custody unit, Zodia Custody, under its core digital division. The bank aims to merge overlapping functions to better align custody with its broader digital assets operations. Zodia Custody would continue operating as a standalone software-as-a-service platform.
Standard Chartered is weighing a plan to integrate parts of its cryptocurrency custody unit into its core digital assets division. The internal discussions focus on consolidating overlapping custody functions for institutional clients.
Despite this potential restructuring, Zodia Custody would remain a standalone software-as-a-service platform. The platform would continue to service external financial institutions as before.
Zodia Custody was launched in 2020 through a partnership with Northern Trust. It has since attracted minority investments from institutions like Emirates NBD and SBI Holdings.
The company maintains a significant global presence from London, Singapore, and Hong Kong. Its operations include a partnership with Galaxy Digital for institutional staking services in Europe.
Standard Chartered’s digital asset strategy is expanding beyond custody. The bank is also preparing to launch a crypto prime brokerage service through its venture arm.
It has forged key partnerships in Asia, including a November team-up with DCS Card Centre in Singapore. That partnership aims to launch stablecoin-linked credit card services.
