Zodia Custody, an institutional cryptocurrency custody platform backed by Standard Chartered, is looking to raise US$50 million, according to a Bloomberg report.
The company aims to fuel its global expansion and development of new products with the fresh funds.
Zodia Custody, which launched in 2021, aims to diversify its investor base beyond its current financial industry stakeholders by including companies specialising in payments and tokenisation, and even angel investors, CEO Julian Sawyer stated.
This marks a shift from previous funding rounds which focused on attracting investments from larger financial institutions.
Zodia reportedly initiated the fundraising process in October with assistance from crypto-focused advisory firm Architect Partners.
The platform supports 38 cryptocurrencies, such as Bitcoin, Ether, and stablecoins like Tether and USD Coin.
Zodia previously raised US$36 million Series A funding round led by SBI Holdings in 2023.
Despite this investment, Standard Chartered retains a 90% stake in the company.
Other notable investors include National Australia Bank and Northern Trust.
Currently, Zodia operates in major financial centers including London, Dublin, Luxembourg, Sydney, Hong Kong, Singapore, and Tokyo.
Featured image credit: Edited from Freepik
