Cryptocurrency storage provider Zodia Custody has raised $36 million in funding from Japanese financial services firm SBI Holdings and SC Ventures, the venture arm of Zodia’s parent company Standard Chartered.
Zodia Custody, which provides digital asset custody services to institutional clients, will use the funding to increase its token coverage and enhance its settlement product, Interchange, which protects clients’ assets that are traded on exchanges, it said in an emailed statement.
The funding round demonstrates the continuing appetite for custodians providing crypto storage services that fit the bill for financial institutions. Copper, for example, earlier this month partnered with exchange OKX to allow institutional clients to keep their assets safeguarded while delegating them to trade on OKX’s platform.
“The future direction of the digital asset ecosystem is clear,” CEO Julian Sawyer said. “As investors demand greater assurance and rigor, compliance is crucial to the future evolution of our sector.”
The London-based firm is majority-owned by Standard Chartered, with American financial services company Northern Trust owning a minority stake.
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Zodia Custody in February formed a joint venture with SBI Holdings to set up a crypto asset custodian in Japan.