Standard Chartered has signed definitive agreements to acquire 100% of digital asset custodian Zodia Custody Limited, advancing plans to fold the company's custody operations into the bank. The agreements were signed on Wednesday, October 21, but the transaction still requires regulatory approval, and the lender has not disclosed financial terms. Under the deal structure, Zodia Custody's regulated operations will join Standard Chartered's Securities Services division, while its software and professional services units will operate separately under SC Ventures.

The signing follows a May offer that was accepted by Zodia shareholders and noteholders. With the definitive agreements now in place, regulatory clearance and standard closing conditions are the remaining hurdles — until they are satisfied, there is no set date for completion.

Standard Chartered Moves Toward Full Ownership

Through its Standard Chartered I H Limited unit, the bank plans to purchase all shares in Zodia Custody Limited. Zodia provides custody services to financial institutions that need secure storage for digital assets, and the target company oversees regulated operations in Singapore, Hong Kong, Australia, the United Arab Emirates, and Luxembourg. That multi-jurisdiction footprint reflects how institutional custody works: safekeeping is a licensed activity, and approvals in each market are what allow a custodian to hold assets on behalf of local institutions.

The agreement still requires regulatory clearance and must satisfy standard closing conditions. Neither company has disclosed a purchase price or set a new completion date. The parties had originally aimed to sign final documents by June and finish the transaction by August — a timeline that has already slipped, leaving regulatory approval as the next milestone to watch.

Custody Operations to Join Securities Services

After closing, the bank will place Zodia's asset safekeeping operations within its Securities Services division, a team that already serves institutions handling traditional securities as well as digital assets. The move would put digital asset safekeeping under the same roof as conventional securities servicing rather than in a standalone crypto unit. Standard Chartered said Zodia clients should continue receiving services without interruption, and the bank expects the combined operation to support institutions seeking custody for cryptocurrencies and other digital assets across several financial centers. The lender wants clients to be able to access both types of services through its banking network.

Zodia Solutions to Operate Separately

Zodia's software and professional services businesses will shift to Zodia Solutions, a separate company operating under SC Ventures. The structure separates the regulated custody business from the technology arm that serves other banks. Zodia Solutions will count Standard Chartered among its clients and will provide technology and support to banks developing crypto products. Its backers include Northern Trust, NAB Ventures, SBI Ventures, and Emirates NBD — institutions based in the United States, Australia, Japan, and the United Arab Emirates, respectively.

Craig Perrin will lead Zodia Solutions, while Richard Clark heads Zodia Custody. Clark took over in September after Julian Sawyer left the chief executive role.

Custody Plans in Singapore and the European Union

Standard Chartered has announced plans for crypto custody in Singapore, including support for selected cryptocurrencies, stablecoins, and tokenized assets. Zodia, for its part, gained a Luxembourg payment institution license in June, allowing it to handle custody and transfers of regulated stablecoins across the European Union — an authorization that falls within the regulated operations Standard Chartered is acquiring. Taken together, the Singapore plans and the EU license would give the combined business activity in both Asian and European markets if the acquisition completes.

Broader Industry Context

In related developments, Ramp applied for a US trust bank charter to provide digital asset custody, Cross River Bank integrated Ripple's RLUSD stablecoin into its payments system, and JPMorgan launched JPM Coin on Ethereum for approved institutional clients on October 19.