Standard Chartered‘s crypto platform Zodia, in the A series financing round led by SBI Holding 36 million dollarsraised funds.
Japanese financial company SBI Holding became Zodia’s second largest shareholder after its investment. Prior to the funding round, London-based Zodia only sold Standard Chartered and Northern Trustand Standard Chartered owned 90 percent of the firm.
Zodia Plans to Expand to the Middle East
Zodia CEO Julian Sawyer stressed that external funding is a typical part of Standard Chartered’s venture strategy after a subsidiary reaches a certain level. Sawyer continued: “Being backed by the bank and all the good it brings is part of our strategy. That doesn’t mean it has to be just one bank.”
With the new funding Zodia has received, it has been staked. ETH It plans to increase the amount of supported cryptocurrencies, including The firm also aims to use the newly raised funds for geographic expansion beyond existing markets in Europe and Asia. Especially Middle EastInterested in opportunities in the company, due to regulatory uncertainty United States of AmericaShe’s thinking of staying away from.
Sawyer He pointed out that there is a major regulatory lack in the United States regarding which cryptocurrencies should be considered securities. CEO: “We hope the US creates that clarity. But it’s fair to say right now it’s hard to see what’s going to happen in the next 12 to 18 months,” he added.
United KingdomStandard Chartered, one of the largest banks in the United States, first announced plans for institutional custody services for cryptocurrencies such as Bitcoin.
