Standard Chartered Signs Definitive Agreement to Acquire Zodia Custody

Standard Chartered has signed a definitive agreement to acquire Zodia Custody, the London-based digital asset custodian, after Zodia's shareholders approved the offer in May, according to a company statement issued Wednesday.

The acquisition will integrate Zodia Custody's services into Standard Chartered's existing digital asset custody activities. Zodia Custody provides custody of bitcoin and other digital assets for institutions and asset managers. The statement did not disclose the financial terms of the transaction.

The deal marks the latest step in a multi-year expansion by the British multinational bank into crypto-related services worldwide.

Why does a bank want a crypto custodian?

Zodia Custody CEO Richard Clark framed the transaction as a response to institutional demand. "As institutional adoption of digital assets accelerates, custody is increasingly becoming part of the global banking landscape," Clark said.

He added: "Zodia Custody has built a strong business with the specialist expertise and capabilities to meet the needs of institutional clients. Bringing that expertise together with Standard Chartered's global reach and established banking platform will strengthen its digital asset custody offering and provide institutions with greater access to trusted, regulated custody services worldwide."

Ying Ying Tan, global head of securities services and digital assets at Standard Chartered, said the deal "further deepens our digital asset custody portfolio and reinforces our position as a leading provider of digital asset services globally."

For practitioners, the mechanics are straightforward: Standard Chartered acquires an established custody operator with institutional-grade infrastructure rather than building it from scratch. Zodia's technology and client relationships are folded into a bank that already operates custody services across multiple jurisdictions.

How far does Standard Chartered's crypto footprint reach?

The bank's custody ambitions span several markets:

• Earlier this month, Standard Chartered said it plans to offer crypto custody services for institutional clients in Singapore.
• It already offers custody services in the UAE, Luxembourg, and Hong Kong.
• In 2025, the bank set up a trading desk for bitcoin and other cryptocurrencies in London, making it one of the first global banks to enter spot cryptocurrency trading.
• It has since debuted custody and trading services in countries around the world.

Buying Zodia Custody consolidates that expansion under a single ownership structure. What does this change for institutional clients? In principle, access to Zodia's custody capabilities combined with Standard Chartered's banking platform, regulatory licences, and geographic coverage in one offering.

Where does the deal sit in the wider bank custody wave?

Crypto custody has become the standard entry point for banks moving into digital assets. BNY Mellon became the first major U.S. bank to offer digital asset custody services in 2022.

The pace has since accelerated. Over the past 18 months, State Street, Standard Chartered, U.S. Bank, and Citigroup have all committed to direct crypto custody. Standard Chartered's acquisition of Zodia Custody is notable within that group because it buys an existing specialist custodian outright rather than launching a proprietary service alone.

For standalone crypto custodians, the transaction signals a consolidation phase. Specialist operators with institutional client bases and regulated infrastructure have become acquisition targets for global banks seeking immediate capability rather than multi-year internal builds.

What happens next?

The transaction now proceeds toward completion, following shareholder approval in May and the signing of definitive agreements announced Wednesday. Zodia Custody's integration into Standard Chartered's digital asset custody activities will unfold alongside the bank's planned Singapore launch, extending its custody coverage across the UAE, Luxembourg, Hong Kong, and its next market.