London: Standard Chartered Plc signed a non-binding offer to acquire Zodia Custody Ltd.’s crypto custody business, Bloomberg reported.
Other Zodia Custody shareholders and noteholders accepted the proposal, according to a statement on Monday.
The deal would fold Zodia’s digital-asset custody operations into Standard Chartered’s own platform. Margaret Harwood-Jones said the bank could then offer services in the UK and Australia.
Zodia’s infrastructure business will spin off as Zodia Solutions. Julian Sawyer, current Zodia Custody chief executive, will lead the new software-as-a-service company.
Read: Standard Chartered Launches Crypto Custody Service in UAE
Standard Chartered’s venture capital arm will own a majority stake in Zodia Solutions. Talks continue over which current investors will stay in the new company.
Zodia Custody investors include Northern Trust Corp., Emirates NBD Bank PJSC, National Australia Bank Ltd. and SBI Holdings Inc.
Standard Chartered signed a non-binding offer to acquire Zodia Custody’s crypto custody business while spinning off its infrastructure unit as Zodia Solutions.
