Standard Chartered’s crypto platform Zodia has raised $36 million in a Series A funding round led by SBI Holding.
Japanese financial company SBI Holding became the second largest shareholder of Zodia after its investment. Prior to the funding round, London-based Zodia was only backed by Standard Chartered and the Northern Trust, with Standard Chartered holding a 90 percent stake in the firm.
Zodia Plans to Expand to the Middle East
Zodia CEO Julian Sawyer emphasized that external funding is a typical part of Standard Chartered’s venture strategy after a subsidiary reaches a certain level. Sawyer continued: “Being backed by the bank and all the good it brings is part of our strategy. That doesn’t mean it has to be just one bank.”
With the new funding, Zodia plans to increase the amount of supported cryptocurrencies, including staked ETH. The firm also aims to use the newly raised funds for geographic expansion beyond existing markets in Europe and Asia. Particularly interested in opportunities in the Middle East, the company is considering staying away from the United States due to regulatory uncertainty.
Sawyer noted that in the United States there is a huge regulatory lack of what cryptocurrencies should be considered securities. CEO: “We hope the US creates that clarity. But it’s fair to say right now it’s hard to see what’s going to happen in the next 12 to 18 months,” he added.
Standard Chartered, one of the UK’s largest banks, first announced plans for its institutional custody service for cryptocurrencies like Bitcoin.
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