Standard Chartered, Northern Trust, and SBI Holdings are among the investors in Zodia Custody, an institution-grade cryptocurrency and digital asset safeguarding platform, which is also supported by NAB Ventures, the venture arm of National Australia Bank. Zodia launched operations in Australia in late 2023, and the investment from NAB Ventures supports the company’s expansion there, a news release said.
The investment’s size was not made public. The idea of cryptocurrency custody has gained traction among banks and other financial organisations, who typically choose to assign a third party to handle cryptographic keys and investigate applications related to trading, tokenization, and other areas.
According to a statement from NAB Ventures MD Amanda Angelini, “NAB Ventures’ investment in Zodia was based on a range of factors including their innovative approach, institution-grade safety, and strong work with regulators.”
After the investment, Zodia stated that one of the top priorities would be to integrate Australia’s distinct ecosystem of domestic digital asset exchanges, many of which are transferring assets to the Zodia Custody platform in advance of the more stringent regulations that are anticipated to take effect in 2025.
According to the custody company, Zodia Custody is also positioning itself as the preferred custodian for applicants of planned digital asset ETFs that are seeking ASX approval.