Zodia Custody lands $36m Series A
The new cash comes from SBI Holdings, a Japanese financial conglomerate and SC Ventures, the venture arm of Standard Chartered as well as other investors.
Zodia Custody, a provider of custodian services for digital assets, has closed a $36m Series A funding round.
The round was largely backed by financial institutions including Standard Chartered’s venture arm SC Ventures alongside SBI Holdings, a Japanese financial conglomerate.
Zodia, which is led by Starling Bank co-founder Julian Sawyer, is a subsidiary of Standard Chartered as well as having backing from another bank Northern Trust.
“The future direction of the digital asset ecosystem is clear. As investors demand greater assurance and rigour—compliance is crucial to the future evolution of our sector,” said Julian Sawyer, CEO of Zodia Custody.
The cash will be used to expand its “bank-grade digital asset infrastructure” as well as geographic expansion. This will mean increasing its coin and token coverage and upgrading its off-exchange settlement product for assets that are traded on exchanges.
“As a business with a significant and vested interest in the digital asset space, we know all too well the need to evolve the ecosystem as a whole,” said Yoshitaka Kitao, SBI Holdings’ Representative Director, Chairman, President and CEO.
“This further investment into Zodia Custody, alongside our previously announced plans to set up a joint venture, builds on our work to bring Zodia Custody’s services to the Japanese market. It reinforces our belief in the future of the ecosystem, alongside both the Zodia Custody product and the team powering it.”