Crypto storage provider Zodia Custody has raised $36 million in a recent funding round.
Standard Chartered’s crypto-focused subsidiary will use the funds for international expansion.
The funding round was led by SBI Holdings and SC Ventures.
Zodia Custody Raises $36 Million
Zodia Custody, Standard Chartered’s crypto-focused subsidiary, has raised $36 million in a funding round. The company said the funds will be used to pursue international expansion.
The funding round was led by Standard Chartered’s venture arm, SC Ventures, and Japanese conglomerate SBI Holdings. Zodia Custody also revealed that there are other unnamed investors. The crypto custody provider also did not disclose the valuation of the company after this funding round.
Zodia Custdoy has revealed that the funds will be used to facilitate geographic expansion and extend the company’s coverage. The company will also use the funds to improve its exchange and off-exchange payment services to protect customer assets traded on cryptocurrency exchanges.
While commenting on this latest cryptocurrency newsZodia Custody CEO Julian Sawyer said:
“The future direction of the digital asset ecosystem is clear. Investors demand greater assurance and rigor, so compliance is essential to the future evolution of our sector.”
Standard Chartered Bullish on Bitcoin
Zodia Custody’s parent company, Standard Chartered, is bullish on Bitcoin.Earlier this week, bank analysts said they believed Crypto winter is over Bitcoin could rise towards the $100,000 level by next year.
When pressing Bitcoin price $29,066, up over 50% year-to-date
Zodia Custody was originally launched in 2021 by Standard Chartered and property services firm Northern Trust. Earlier this year, the company announced a joint venture with his Japan-based SBI Digital Asset Holdings to launch a custody business in Japan.