Standard Chartered signs definitive agreements to acquire Zodia Custody

Standard Chartered has signed definitive agreements to acquire digital asset custodian Zodia Custody, five months after its shareholders and noteholders accepted the bank's non-binding offer.

According to a statement shared with The Block on Wednesday, Standard Chartered I H Limited will acquire 100% of Zodia Custody Limited, which owns regulated operating entities in Singapore, Hong Kong, Australia, the United Arab Emirates, and Luxembourg. The acquisition remains subject to regulatory approvals and customary closing conditions. Financial terms were not disclosed.

The bank's Securities Services division will absorb Zodia's custody business following completion of the transaction, and its software and professional services business will become a separate entity under SC Ventures, called Zodia Solutions. Standard Chartered will be among its customers, with investors including Northern Trust, NAB Ventures, SBI Ventures, and Emirates NBD Bank, among others, per the statement.

Standard Chartered's non-binding offer was previously accepted in May, with definitive agreements initially targeted for the end of June and completion expected by the end of August. Zodia Custody CEO Julian Sawyer stepped down in September, with former Chief Revenue Officer Richard Clark taking over.

Standard Chartered's crypto expansion

Standard Chartered has continued expanding its own custody operations while pursuing the acquisition. Earlier this month, the bank announced plans to launch crypto custody services in Singapore by the end of 2026.

Zodia also secured a payment institution license in Luxembourg in June, allowing it to offer regulated stablecoin custody and transfer services across the European Union.