What to know : Standard Chartered is reportedly seeking to fully acquire Zodia Custody and fold its crypto custody operations into one of the bank’s existing digital asset divisions. The bank is considering keeping Zodia Custody as a separate software-as-a-service platform for crypto custody, even as it restructures the business. Any deal would come as global banks, including Standard Chartered, expand digital asset services amid growing regulatory clarity and intensifying competition in crypto custody.
Standard Chartered PLC is reportedly seeking to fully acquire Zodia Custody Ltd. to merge it with one of its digital asset divisions, sources close to the matter told Bloomberg on Wednesday.
The 'restructuring' plan, which could come as soon as this month, contemplates merging Zodia’s crypto custody business into one of the investment bank’s divisions that provides similar services, the sources told Bloomberg.
The sources also said Standard Chartered is considering allowing Zodia Custody to continue operating as a separate software-as-a-service (SAAS) business for cryptocurrency custody.
The people close to the negotiations, according to Bloomberg, did not clarify whether Standard Chartered has approached Zodia Custody’s minority shareholders, which include Northern Trust Corp., Emirates NBD Bank PJSC, National Australia Bank Ltd. and SBI Holdings Inc.
Emirates NBD and Northern Trust declined to comment, while SBI Holdings and NAB did not immediately respond to requests for comment, Bloomberg wrote.
Standard Chartered told CoinDesk it would not comment on the news of the potential takeover. Zodia did not immediately respond to a request for confirmation.
Standard Chartered has expanded its digital asset footprint in recent years. The bank launched its own digital asset custody services out of Luxembourg in January last year and introduced crypto trading for institutional clients last summer, becoming one of the first global banks to offer spot bitcoin and ether trading.
Banks have ramped up their digital asset activities as regulatory clarity improves in key regions such as the U.S. and Europe. Crypto custody in particular has become a competitive battleground, with firms including State Street, BNY Mellon and Morgan Stanley expanding their presence, with Morgan Stanley recently naming Coinbase and BNY Mellon as custodians for a proposed bitcoin ETF.
Zodia, which was aimed at financial institutions and began custodianship of emeralds in June 2025, raised $18.5 million in a Series A funding round in July of last year to expand and develop its stablecoin payment services.
The firm was originally established in 2020 as a joint venture between Standard Chartered and Northern Trust and has since raised external capital multiple times. Zodia Custody employs around 150 people across seven offices in London, Dublin, Luxembourg, Singapore, the UAE, Sydney and Hong Kong.
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