As a seasoned investor with over two decades of experience in traditional finance and a keen eye for emerging trends, I find the recent news about Zodia Custody scaling its global operations quite intriguing. Having witnessed the evolution of digital assets from their infancy to becoming a significant part of the financial landscape, I can’t help but feel a sense of validation.
Zodia Custody, a shared cryptocurrency storage service backed by Standard Chartered, is expanding its worldwide operations with fresh investment funds.
According to a report by Bloomberg on November 4th, Zodia Custody CEO Julian Sawyer revealed that the company aims to gather $50 million in funding to broaden its influence and introduce fresh product lines.
As a researcher, I am excited to share that our project, Zodia, is backed by multiple financial institutions. We anticipate attracting a broader investor base, including firms specializing in payment solutions and digital asset tokenization, as per Sawyer’s statement.
It is said that the company started its fundraising initiative, working together with the cryptocurrency-centric consultancy firm, Architect Partners, around October.
Zodia is active in key financial markets
2021 saw the debut of Zodia, rapidly establishing itself as a significant global player in cryptocurrency storage solutions, expanding its influence in prominent financial centers such as London, Dublin, Luxembourg, Sydney, Hong Kong, Singapore, and Tokyo.
As stated on their website, Zodia’s main office is situated in London, while they have also secured various international registrations with regulatory bodies, such as the Hong Kong Companies Registry.
2023 saw Zodia garner $36 million in a Series A funding round, primarily headed by SBI Holdings, a prominent Japanese financial group. Subsequently, Standard Chartered was said to retain approximately 90% ownership of Zodia. Additionally, National Australia Bank and Northern Trust are among the other investors contributing to the fundraising effort.
By October 2023, Zodia had the ability to handle 38 different digital currencies, which include Bitcoin (BTC), Ether (ETH), along with stablecoins such as Tether’s US Dollar Token (USDT) and USD Coin (USDC).
Institutions increasingly moving into crypto custody
Over the last couple of years, financial organizations globally have shown growing curiosity about cryptocurrency safekeeping solutions. Notable banks such as the Bank of New York Mellon have stepped into this field by introducing digital custodial services as early as 2022.
Last month, it was announced that Komainu, a digital asset storage service owned by Japan’s leading investment bank, Nomura Holdings, intends to purchase Propine Technologies – a crypto custody company based in Singapore. This move is aimed at expanding their operations across Asia.
The Financial Supervisory Commission of Taiwan was planning to initiate a trial run for institutional crypto custody services around the beginning of October.
In August, State Street teamed up with digital asset infrastructure company Taurus to debut institutional-level custody and tokenization solutions.
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2024-11-04 18:01