London, Wednesday, November 06, 2024 – Zodia Custody, the crypto custody firm supported by Standard Chartered, is in advanced talks to raise $50 million as part of its plan to expand geographically and enhance its digital asset storage services.
According to Bloomberg, CEO Julian Sawyer stated that Zodia is seeking investment to strengthen its custody solutions amid growing competition and rising demand for secure digital asset storage in traditional finance and crypto sectors.
In collaboration with advisory firm Architect Partners, Zodia aims to attract new investors from the payments and tokenization sectors. Notable backers already include National Australia Bank and Northern Trust, which position Zodia as a key player in the evolving crypto custody landscape.
With institutional demand for digital asset security surging, Zodia plans to utilize this funding to improve infrastructure, scale its services, and broaden its geographic footprint. The need for secure digital asset storage has intensified as more traditional custodians, including Bank of New York Mellon, State Street, and Citigroup, express interest in the space.
The planned expansion follows Zodia’s acquisition of Elwood Capital Management’s OTC trading business in July, a move that broadened Zodia’s digital asset capabilities.
This expansion marks Zodia’s effort to address cybersecurity risks in the crypto space, where billions are lost annually to cyber threats. With a 2023 funding round of $36 million led by SBI Holdings, Zodia has positioned itself as a robust provider of institutional-grade crypto storage solutions.
