TradFi Giant Standard Chartered Expands Crypto Foothold with Zodia Custody Acquisition

Standard Chartered, a British multinational banking and financial services company, is set to acquire digital asset custodian Zodia Custody, an agreement formalized months after initial discussions. Zodia Custody, based in London, announced on Wednesday that its services will be seamlessly integrated into Standard Chartered’s existing digital asset custody operations following the completion of the deal. This move signifies a significant expansion of Standard Chartered's crypto-related offerings across the globe.

The bank has been proactively broadening its reach in the digital asset space. Earlier this month, it revealed plans to introduce crypto custody services for institutional clients in Singapore, adding to its established presence in the United Arab Emirates, Luxembourg, and Hong Kong. The acquisition of Zodia Custody is seen as a strategic step to further enhance these capabilities and reinforce its position as a prominent provider of digital asset services internationally.

Richard Clark, CEO of Zodia Custody, highlighted the accelerating institutional adoption of digital assets and the increasing prominence of custody services within the global banking landscape. He stated that Zodia Custody has cultivated a robust business model, boasting specialized expertise and capabilities tailored to meet the sophisticated demands of institutional clients. Clark emphasized that by combining Zodia Custody's expertise with Standard Chartered's extensive global reach and established banking platform, the offering of digital asset custody will be significantly strengthened, providing institutions worldwide with enhanced access to trusted and regulated custody services.

Ying Ying Tan, Standard Chartered’s global head of securities services and digital assets, echoed this sentiment, noting that the acquisition will "further deepen our digital asset custody portfolio and reinforce our position as a leading provider of digital asset services globally." The shareholders of Zodia Custody had already approved Standard Chartered's offer to purchase the company back in May, paving the way for this integration.

Zodia Custody specializes in providing custody services for Bitcoin and other digital assets to institutional and asset managers. Standard Chartered itself has been increasingly involved in the cryptocurrency sector over recent years. In 2025, the bank established a trading desk in London dedicated to Bitcoin and other cryptocurrencies, becoming one of the pioneering global banks to venture into spot cryptocurrency trading. Following this, it has progressively rolled out custody and trading services in various countries worldwide.

The trend of major banks entering the crypto custody arena is growing, with several prominent financial institutions debuting or planning to introduce such services. Over the past 18 months, banks like State Street, Standard Chartered, U.S. Bank, and Citigroup have all committed to direct crypto custody. For many banks, crypto custody often serves as an initial entry point into the broader digital asset ecosystem. Notably, BNY Mellon was the first major U.S. bank to offer digital asset custody services, launching them in 2022.