Standard Chartered signs definitive agreements to acquire Zodia Custody

Standard Chartered signed definitive agreements on Wednesday, Oct. 21, to acquire Zodia Custody's regulated operating entities, advancing a transaction first announced in May when Zodia's shareholders accepted the bank's non-binding offer, Cointelegraph reported.

The deal would see Standard Chartered acquire 100% of Zodia Custody UK Limited, the parent company of Zodia's regulated operating entities in Singapore, Hong Kong, Australia, Luxembourg, and the United Arab Emirates, Zodia said in a statement.

The transaction would integrate Zodia's crypto custody business into Standard Chartered's existing Securities Services operations. Zodia would also transfer its software and professional-services assets to Zodia Solutions, an independent entity under SC Ventures, which would provide digital asset infrastructure for financial institutions.

What changes for custody clients

Zodia works to custody bitcoin and other digital assets for institutional clients and asset managers. Under the deal, that service would be folded into Standard Chartered's banking platform rather than operating as a standalone brand.

"Bringing that expertise together with Standard Chartered's global reach and established banking platform will strengthen its digital asset custody offering and provide institutions with greater access to trusted, regulated custody services worldwide," Zodia CEO Richard Clark said in the statement. He said custody is increasingly becoming part of global banking as institutional adoption of digital assets accelerates.

Ying Ying Tan, global head of securities services and digital assets at Standard Chartered, said in the statement that the deal "further deepens our digital asset custody portfolio and reinforces our position as a leading provider of digital asset services globally." Tan framed the acquisition as part of the bank's commitment to give clients access to institutional-grade custody backed by the depth and connectivity of a cross-border bank.

The acquiring entity is Standard Chartered I H Limited, the statement shows. It also names the bank investors lined up to support Zodia Solutions after closing: NAB Ventures, Northern Trust, SBI Ventures, the Q Studio vehicle from Further Ventures, Emirates NBD, Investcorp's Zodia Investments, and Zodia Holdings, which SC Ventures owns.

Zodia said existing custody clients would see no expected disruption and would continue to be serviced as usual. Craig Perrin, chief executive of Zodia Solutions, said financial institutions are "moving beyond digital asset pilots towards operating services at scale" and need trusted technology partners with the infrastructure to support them.

Closing remains subject to regulatory approvals and customary closing conditions. The statement does not disclose the purchase price or an expected closing date.

Standard Chartered's crypto expansion

The acquisition forms part of Standard Chartered's broader expansion in crypto services. In September, the bank launched spot Bitcoin and Ether trading for institutional clients in the United Arab Emirates, Cointelegraph noted. The bank already offers custody services in the UAE, Luxembourg, and Hong Kong, and earlier this month said it planned to offer crypto custody for institutional clients in Singapore.

In 2025, the bank set up a trading desk for bitcoin and other cryptocurrencies in London, making it one of the first global banks to enter spot cryptocurrency trading. It has since debuted custody and trading services in multiple countries.

The May shareholders' vote accepted Standard Chartered's non-binding offer. The definitive agreements signed Wednesday convert that offer into a binding transaction pending regulatory clearance. The bank reportedly began considering folding Zodia's crypto custody business into its corporate and investment banking division in April.

Top banks worldwide have been debuting or planning crypto custody services over the past 18 months. State Street, U.S. Bank, and Citigroup have all committed to direct crypto custody, and BNY Mellon became the first major U.S. bank to offer digital asset custody services in 2022, Bitcoin Magazine reported.

Zodia Solutions, the entity that would receive the software and professional-services assets, would continue under SC Ventures rather than inside the bank's core Securities Services division. The split keeps the technology stack and advisory work separate from the regulated custody balance sheet, though the parties have not said whether Zodia Solutions will retain the Zodia brand or operate under a different name after closing.

The statement gives no timeline for the regulatory approvals, and Zodia continues to operate under its existing ownership structure until they land.