Zodia Custody, an institutional cryptocurrency custody platform backed by Standard Chartered, is aiming to raise $50 million, according to sources. bloomberg Report.
The company aims to use the new funding to fuel global expansion and new product development.
Founded in 2021, Zodia Custody aims to diversify its investor base beyond current financial industry stakeholders by including companies specializing in payments and tokenization, as well as angel investors. CEO Julian Sawyer said.
This marks a shift from previous funding rounds, which focused on attracting investment from large financial institutions.
Zodia reportedly began the funding process in October with support from crypto-focused advisory firm Architect Partners.
The platform supports 38 cryptocurrencies, including Bitcoin, Ether, and stablecoins such as Tether and USD Coin.
Former Zodia raised A US$36 million Series A funding round led by SBI Holdings in 2023.
Despite this investment, Standard Chartered retains a 90% stake in the company.
Other notable investors include: national australia bank and Northern Trust.
Zodia currently operates in major financial centers including London, Dublin, Luxembourg, Sydney, Hong Kong, Singapore and Tokyo.
Featured image credit: Edited from freepic
