Standard Chartered is weighing a major restructuring of its cryptocurrency custody operations. Sources familiar with the matter told Bloomberg that the bank intends to acquire full control of its crypto custody subsidiary, Zodia Custody, and fold its operations into the bank’s internal digital assets unit.
The bank is currently evaluating various integration models. Insiders noted that the bank may choose to keep Zodia operating as an independent software-as-a-service (SaaS) platform. An official announcement regarding the restructuring could come as early as this month.
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The potential acquisition involves a complex ownership structure. Zodia Custody currently counts several external shareholders, including Northern Trust, Emirates NBD, National Australia Bank (NAB), and Japan’s SBI Holdings. It remains unclear whether Standard Chartered has initiated buyout negotiations with these minority stakeholders.
Responses to the reports have been muted. Standard Chartered officially declined to comment on the potential acquisition. Northern Trust and Emirates NBD also declined to comment, while SBI Holdings and National Australia Bank did not immediately respond to requests for comment. Zodia likewise did not confirm the acquisition plans.
Standard Chartered has significantly ramped up its expansion into the digital asset space in recent years. In January of last year, the bank launched its own digital asset custody service in Luxembourg. By the summer, the bank had further expanded its offerings to provide spot trading for Bitcoin and Ether to institutional clients, making it one of the first major international banks to enter the space.
As regulatory frameworks in key markets across Europe and the Americas continue to clarify, global banks are racing to bolster their digital asset capabilities. As a critical component of financial infrastructure, crypto custody has become a primary battleground for major financial institutions vying for market share.