Standard Chartered is looking to take over crypto custody provider Zodia: Bloomberg
While the British financial institution refused to comment on potential takeover plans, sources close to the matter revealed that plans are in place and could be announced as soon as this month.
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.
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.
