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National Australia Bank invests in cryptocurrency firm Zodia Custody
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 context.
Zodia Custody, a platform known for its institutional-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 unknown.
Following the investment, Zodia case is focusing on integrating Australia’s unique ecosystem of home-grown digital asset exchanges. Many of these exchanges are moving their assets to the Zodia platform in anticipation of stricter regulatory requirements expected to be implemented by 2025.
Major financial players such as Standard Chartered, Northern Trust and SBI Holdings support Zodia Custody. NAB’s latest investment is part of Zodia’s broader strategy to become the preferred custodian for digital asset ETFs pending approval by the Australian Securities Exchange.
Lately, Zodia Custody has been expanding its global presence. In March the company has expanded its cryptographic security services to financial institutions in Hong Kong. Founded in 2020, the cryptocurrency division of UK-based Standard Chartered said it aims to meet institutional demand for crypto asset storage in the region.
Expansion of services globally
This move followed the company’s recent expansion into the Asia-Pacific region, including Australia. According to Zodia, financial institutions in Hong Kong have expressed growing interest in cryptocurrencies, creating an ideal customer base for investment. Previously, Zodia expanded its operations to Japan, Singapore and Australia. Zodia also introduced SAF3, a digital asset custody platform designed specifically for institutional clients in Australia.
The digital asset firm is also reportedly exploring future partnerships and is open to clients from jurisdictions outside its current operational footprint. Also, Zodia Markets, a digital asset backed by Standard Chartered exchange and brokerage platform, has obtained approval as a virtual asset service provider (VASP) by the Central Bank of Ireland last year, further aligning its services with regulatory requirements.
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 context.
Zodia Custody, a platform known for its institutional-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 unknown.
Following the investment, Zodia case is focusing on integrating Australia’s unique ecosystem of home-grown digital asset exchanges. Many of these exchanges are moving their assets to the Zodia platform in anticipation of stricter regulatory requirements expected to be implemented by 2025.
Major financial players such as Standard Chartered, Northern Trust and SBI Holdings support Zodia Custody. NAB’s latest investment is part of Zodia’s broader strategy to become the preferred custodian for digital asset ETFs pending approval by the Australian Securities Exchange.
Lately, Zodia Custody has been expanding its global presence. In March the company has expanded its cryptographic security services to financial institutions in Hong Kong. Founded in 2020, the cryptocurrency division of UK-based Standard Chartered said it aims to meet institutional demand for crypto asset storage in the region.
Expansion of services globally
This move followed the company’s recent expansion into the Asia-Pacific region, including Australia. According to Zodia, financial institutions in Hong Kong have expressed growing interest in cryptocurrencies, creating an ideal customer base for investment. Previously, Zodia expanded its operations to Japan, Singapore and Australia. Zodia also introduced SAF3, a digital asset custody platform designed specifically for institutional clients in Australia.
The digital asset firm is also reportedly exploring future partnerships and is open to clients from jurisdictions outside its current operational footprint. Also, Zodia Markets, a digital asset backed by Standard Chartered exchange and brokerage platform, has obtained approval as a virtual asset service provider (VASP) by the Central Bank of Ireland last year, further aligning its services with regulatory requirements.