Standard Chartered-backed cryptocurrency custody company Zodia Custody is looking to raise $50 million in a fundraising round to assist its expansion and broaden its range of products. According to CEO Julian Sawyer, the goal of this funding is to draw in a wider spectrum of investors, especially those in the tokenization and payment sectors.
In collaboration with the advisory firm Architect Partners, Zodia launched the fundraising campaign in October. The objective is to make it possible for Zodia to enter new markets and create cutting-edge digital asset solutions that meet the growing needs for crypto storage security.
Since its founding in 2021, Zodia Custody has grown to be a key force in the cryptocurrency custody market, forging a solid presence in important financial centers all over the world. The company, which has its headquarters in London, has obtained regulatory permits in Europe and Hong Kong, among other places, strengthening its position in the global financial market.
SBI Holdings led Zodia’s previous funding round in 2023, which raised $36 million with assistance from other well-known financial institutions like Northern Trust and National Australia Bank. Zodia is now able to support 38 cryptocurrencies, including Bitcoin, Ethereum, and well-known stablecoins like Tether and USD Coin, thanks to these donations.
Traditional financial institutions are progressively joining the crypto custody industry in response to the growing demand. Major custodians such as Citigroup, State Street, and Bank of New York Mellon have expressed interest in digital asset storage solutions, further demonstrating the competitive nature of the crypto custody industry.
The growth of Zodia Custody is in line with the general trend in the market, as financial institutions are realizing the importance of providing strong crypto custody services. Zodia wants to lead the way as the digital asset market develops by providing institutional clients in new areas and industries with dependable and safe solutions.
