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Standard Chartered-backed Zodia Custody gains funding from Australia’s largest bank

standard-chartered-backed-zodia-custody-gains-funding-from-australias-largest-bank
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Standard Chartered-backed Zodia Custody gains funding from Australia’s largest bank

Crypto custodian Zodia Custody has secured funding from Australia’s largest bank, bolstering its position in the institutional digital asset custody sector.

Zodia Custody, an institutional-grade crypto custodian backed by Standard Chartered, has secured funding from NAB Ventures, the venture capital arm of National Australia Bank (NAB), one of the largest financial institutions in Australia.

In a press release seen by crypto.news, the latest funding means Zodia Custody is now backed by four major financial institutions worldwide, adding to previous investments from Standard Chartered, Northern Trust, and SBI Holdings.

Managing Director of NAB Ventures, Amanda Angelini, emphasized that the decision to invest in Zodia Custody was based on a “range of factors including their innovative approach, institution-grade safety and strong work with regulators.” The size of the funding wasn’t disclosed.

The funding follows Zodia Custody’s establishment of its Australian operations in late 2023, as part of its strategy to expand its presence in the APAC region. Zodia Custody Australia CEO Kate Cooper says the investment from NAB marks a “great endorsement of our mission and vision.”

“But more than that, it signifies a turning point, with institutions and infrastructure providers jointly building the mainstream future of digital assets, without compromise.”

Kate Cooper

With the funding, the custodian now plans to intensify its efforts in Australia, particularly in onboarding home-grown digital asset exchanges amid anticipated regulatory changes by 2025. Zodia Custody CEO Julian Sawyer anticipates forthcoming regulations “will significantly change the landscape,” adding that akin to changes seen in Hong Kong and Japan, regulations will likely include the “segregation of assets, and requirements to hold them in cold storage.”

NAB’s investment in Zodia Custody comes shortly after the bank’s decision to pause its stablecoin development due to a lack of current customer demand. A spokesperson for the bank told crypto.news that the development “has been paused due to a lack of current customer demand,” noting though that the financial giant can “reactivate this work” should customer demand emerge.