Standard Chartered says non-binding offer for Zodia accepted by shareholders

Standard Chartered (SCBFF) announced that its non-binding offer to acquire Zodia Custody, a digital asset custodian backed by SC Ventures, has been accepted by the shareholders and noteholders of Zodia Custody. The completion of the acquisition is subject to regulatory approvals and customary closing conditions. The transaction will see ZC’s regulated custody activities integrated into SC’s existing digital asset custody Financing and Securities Services business, thereby consolidating the Group’s digital asset custody businesses. The move will drive value by unlocking revenue and cost synergies and enabling a more comprehensive offering to DA custodian clients globally. As part of the transaction, ZC will separate its institutional digital asset infrastructure platform business and transfer all the assets related to this business to an independent entity that will be setup, Zodia Solutions, under SC Ventures. Zodia Solutions will continue to provide bank-grade infrastructure to financial institutions, including Standard Chartered, supporting institutions as they launch and scale digital asset services. Zodia Solutions will be supported by a number of bank investors, including existing Zodia Custody investors, reinforcing the bank-grade infrastructure model underpinning the platform.