According to sources speaking with Bloomberg on Wednesday, Standard Chartered PLC is reportedly in talks to fully acquire Zodia Custody Ltd., with plans to integrate its crypto custody services into one of the bank’s digital asset divisions. The potential restructuring could materialize this month, merging Zodia’s operations within an existing division that offers similar services.
In addition, Standard Chartered might permit Zodia Custody to operate independently as a software-as-a-service (SAAS) entity specializing in cryptocurrency custody solutions. However, Bloomberg notes that details regarding engagement with Zodia’s minority shareholders—Northern Trust Corp., Emirates NBD Bank PJSC, National Australia Bank Ltd., and SBI Holdings Inc.—remain undisclosed.
When approached for comments, both Emirates NBD and Northern Trust declined to comment. Neither SBI Holdings nor NAB responded promptly, Bloomberg reported. Standard Chartered has refrained from commenting on the acquisition speculation to CoinDesk, while Zodia Custody did not confirm these reports when contacted.
In recent years, Standard Chartered has significantly enhanced its digital asset presence. The bank commenced its own digital asset custody services in Luxembourg in January last year and initiated cryptocurrency trading for institutional clients the previous summer, marking it among the pioneering global banks to offer spot bitcoin and ether trading.
As regulatory clarity improves in regions like the U.S. and Europe, financial institutions are increasingly embracing digital assets. Crypto custody has emerged as a competitive field with firms such as State Street, BNY Mellon, and Morgan Stanley expanding their offerings. Notably, Morgan Stanley recently designated Coinbase and BNY Mellon as custodians for an anticipated bitcoin ETF.
Zodia Custody, targeting financial institutions and beginning its emerald custodianship in June 2025, secured $18.5 million in a Series A funding round last July to enhance its stablecoin payment services. Established as a joint venture between Standard Chartered and Northern Trust in 2020, the firm has since garnered external capital on multiple occasions. Zodia Custody employs approximately 150 individuals across seven offices situated in London, Dublin, Luxembourg, Singapore, the UAE, Sydney, and Hong Kong.