Standard Chartered’s crypto subsidiary Zodia Custody bags $36m


Zodia Custody, a crypto-focused subsidiary of global bank Standard Chartered, has scored $36m in a recent funding round.

According to CoinJournal, the funds will be used to move forward on international expansion.

Heading the round was SC Ventures, the venture arm of Standard Chartered, as well as SBI Holdings. There was also some unnamed investors and Zodia did not disclose its valuation following the raise.

Zodia said that the funds would be used to boost geographic expansion and increase the company’s coverage. The firm will also use the funds to improve its interchange and off-exchange settlement services as it seeks to protect client assets that are traded on crypto exchanges.

Zodia Custody was originally launched by Standard Chartered and Northern Trust, the asset servicing firm, in 2021. The firm announced a joint venture with Japanese-based SBI Digital Asset Holdings earlier this year to launch a custody business in Japan.

Zodia Custody CEO Julian Sawyer said, “The future direction of the digital asset ecosystem is clear. As investors demand greater assurance and rigor, compliance is crucial to the future evolution of our sector.”

Nomba, a payment services provider aimed at African businesses, has raised $30m for its pre-Series B funding round.

Nomba is on a mission to create a bespoke payment solution for African businesses. It stated that despite growth in digital payments across Africa, most companies only have access to generic point-of-sale machines for transactions. These machines operate in isolation from the rest of the business operations.

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