The crypto platform, Zodia Custody, owned by the British multinational bank Standard Chartered, has raised $36 million in a fresh series A investment round, with SBI Holdings of Japan serving as the round’s main investor.
SBI Holdings has become the second-largest shareholder following the fundraising round. Standard Chartered is still the majority shareholder in Zodia Custody
The new money will be used by Zodia Custody to broaden its geographic reach beyond its present markets in Europe and Asia and to support other cryptocurrencies, such as staked Ether.
However, according to Julian Sawyer, CEO of Zodia Custody, the company would avoid the US owing to regulatory uncertainty. .
The announcement follows Zodia’s February joint venture with SBI Holdings, which allowed it to grow its clientele in Japan. In 2020, Standard Chartered first made intentions to offer institutional custody for digital currencies like Bitcoin.
The 2022 crypto bear market and significant industry collapses like FTX and Celsius were both survived by Zodia Custody.