Standard Chartered will acquire the cryptocurrency custody business of its subsidiary Zodia Custody.

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Mars Finance News, according to Bloomberg, Standard Chartered Bank will acquire its majority-owned subsidiary Zodia Custody’s crypto asset custody business. Its non-binding takeover offer has been accepted by other shareholders and noteholders of Zodia Custody. Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered, stated that this merger will pave the way for Standard Chartered to develop crypto custody services in new markets such as the UK and Australia. After the acquisition is completed, Zodia Custody’s infrastructure business will continue to operate as an independent software-as-a-service company, rebranded as Zodia Solutions, led by current CEO Julian Sawyer, with Standard Chartered’s venture capital division holding the majority stake in Zodia Solutions. Current shareholders of Zodia Custody include Northern Trust, National Bank of Abu Dhabi, National Australia Bank, and SBI Holdings. Whether all parties will continue to hold shares in Zodia Solutions is still under negotiation.

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