Standard Chartered moves to bring crypto custody in-house as Wall Street’s digital asset infrastructure race accelerates

Standard Chartered has signed an agreement to acquire Zodia Custody outright, bringing its institutional cryptocurrency custody business under direct ownership.The London-based bank said on Oct. 21 that its subsidiary, Standard Chartered I H Limited, will acquire 100% of Zodia Custody, including regulated operations across Singapore, Hong Kong, Australia, the United Arab Emirates and Luxembourg.The agreement advances a takeover proposal Zodia's shareholders and noteholders accepted in May, moving the transaction toward completion pending regulatory approvals.Under the arrangement, Standard Chartered will integrate Zodia's custody operations into its Securities Services division, adding cryptocurrency safekeeping to its existing traditional securities and digital asset services.The consolidation would allow Standard Chartered to serve institutional investors through a unified platform, potentially generating additional revenue from custody, settlement and other services as banks and asset managers increase their exposure to digital assets.Ying Ying Tan, Standard Chartered's global head of Securities Services and Digital Assets, said the acquisition would strengthen the bank's custod...