NAB Ventures, the venture capital arm of National Australia Bank, has invested in Zodia Custody, a platform specialising in institutional-grade custody of cryptocurrencies and digital assets. The move supports Zodia’s expansion in Australia, where the company is set to launch operations by the end of 2023. The specific amount of NAB’s investment has not been disclosed.
Financial institutions, including banks, are increasingly interested in cryptocurrency custody solutions, using third parties to manage cryptographic keys for purposes such as trading and tokenisation.
Amanda Angelini, managing director of NAB Ventures, highlighted Zodia’s innovative approach, strong security standards and regulatory compliance as key factors influencing its investment decision.
Ryan McCall joins discussion on digital asset custody at Australian Blockchain Week Source: Zerocap
Following the investment, Zodia aims to bring Australian digital asset exchanges on board its platform. The move prepares these exchanges for the stricter regulatory requirements expected to be introduced by 2025. Zodia is also positioning itself as the custodian of choice for potential digital asset ETFs awaiting ASX approval.
Julian Sawyer, CEO of Zodia, said in an interview with CNBC that the Hong Kong market is mainly driven by institutions rather than retail investors.
"The Hong Kong government and regulators see digital assets as the future and also want Hong Kong to become a hub," said Sawyer.
Zodia launched its services for financial institutions in Singapore last September, claiming to be the country's first bank-owned entity to provide institutional cryptocurrency custody services.
Zodia is actively expanding in Asia and has services in Hong Kong, Japan, Singapore and Australia.
Zodia Custody is a London-based digital asset custodian founded by Standard Chartered Bank in 2020. According to the company's third-quarter financial report, its total assets exceeded US$825.8 billion as of October 2023.
Standard Chartered Bank is a London-based multinational banking group founded in 1969 with more than 653 branches and 83,000 employees worldwide.
On April 27, 2023, Zodia Custody raised US$36 million in its Series A round of financing from investors including SBI Digital Asset Holdings and SC Ventures.
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