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Standard Chartered is considering bringing its crypto custody operations under a single structure, Bloomberg reported Wednesday, as the bank's own digital asset expansion has begun to duplicate services offered by its majority-owned subsidiary Zodia Custody.
Under the plan, Zodia Custody's core custody business would be absorbed into Standard Chartered's corporate and investment bank, while Zodia continues operating as a standalone software-as-a-service business. The bank has been building parallel infrastructure since launching its own custodial services out of Luxembourg in early 2025, followed by institutional crypto trading later that year.
An announcement could come as early as this month, Bloomberg said, citing people familiar with the matter. It remains unclear whether minority shareholders — Northern Trust, Emirates NBD, National Australia Bank, and SBI Holdings — have been consulted. All parties either declined to comment or did not respond.
Zodia Custody, which Standard Chartered co-founded with Northern Trust in 2020, employs around 150 people across offices in Singapore, London, Dubai, Hong Kong, and elsewhere.
