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Standard Chartered-backed Zodia gains Irelands’s Nod for EU crypto services

standard-chartered-backed-zodia-gains-irelandss-nod-for-eu-crypto-services
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Standard Chartered-backed Zodia gains Irelands’s Nod for EU crypto services

With Ireland’s approval, Zodia can now offer over-the-counter trading and exchange services to institutional clients in the European Union.

Zodia Markets, a crypto brokerage and exchange backed by Standard Chartered and OSL, has been approved by the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP). It clears the path for the firm for EU expansion.

In an interview with Financial Times, Zodia chief executive Michael Walsh said the registration would help the firm achieve its goals by acting as a “launchpad” to enter the European market.

The news comes just a few months after Zodia secured an in-principle approval from the Abu Dhabi Global Market to offer regional services.

The Zodia CEO added in a blog post the firm sees “significant opportunity and demand” for its products as the European Union’s Markets in Crypto Assets regulation approaches.

Established in late 2020 by Nick Philpott and Usman Ahmad, London-headquartered Zodia raised $36 million in a funding round led by Japan’s SBI Holdings in April 2023. It aimed to expand its geographical presence and add support for more cryptocurrencies.

Although the firm was initially backed solely by Standard Chartered and Northern Trust, the latest funding made the 24-year-old Japanese financial services giant Zodia’s second-largest shareholder.

Earlier in October 2023, Nana Murugesan, Vice President of International and Business Development at Coinbase, said the exchange decided to continue working in the EU through its base in Ireland, established in 2018.