National Australia Bank’s venture capital arm, NAB Ventures, has invested in Zodia Custody, a move that highlights the growing acceptance of cryptocurrency solutions in the traditional banking framework.
Zodia Custody's Australian Expansion
Zodia Custody, a platform known for its institution-grade cryptocurrency and digital asset storage, established its operations in Australia in late 2023. According to Coindek, the exact amount of NAB Ventures' investment in the entity remains undisclosed.
Following the investment, Zodia Custody is focusing on onboarding Australia's unique ecosystem of home-grown digital asset exchanges. Many of these exchanges are transitioning their assets to the Zodia platform in anticipation of stricter regulatory requirements expected to be implemented by 2025.
NAB Ventures takes a stake in bank-backed global digital asset custodian Zodia Custody https://t.co/Ou72idgTtw pic.twitter.com/MLCN2FjxSy
— Zodia (@ZodiaCustody) June 19, 2024
Major financial players such as Standard Chartered, Northern Trust, and SBI Holdings support Zodia Custody. The latest investment from NAB is part of Zodia's broader strategy to become the custodian of choice for digital asset ETFs awaiting approval from the Australian Securities Exchange.
Lately, Zodia Custody has been expanding its global footprint. In March, the company extended its crypto security services to financial institutions in Hong Kong. Founded in 2020, the UK-based crypto arm of Standard Chartered mentioned that it aims to meet the institutional demand for crypto asset storage in the region.
Expanding Services Globally
This move followed the firm’s expansion into the Asia-Pacific region, including Australia. According to Zodia, financial institutions in Hong Kong have expressed an increasing interest in crypto assets, creating an ideal client base for investment. Previously, Zodia extended its operations to Japan, Singapore, and Australia. Zodia also introduced SAF3, a digital asset custody platform specifically designed for institutional clients in Australia.
The digital asset firm is also reportedly considering future partnerships and is open to clients from jurisdictions outside of its current operational footprint. Besides that, Zodia Markets, a digital asset exchange and brokerage platform, obtained approval as a virtual asset service provider from the Central Bank of Ireland last year.
This article was written by Jared Kirui at www.financemagnates.com.
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