Standard Chartered is moving to acquire the crypto custody business of its subsidiary Zodia Custody. According to Bloomberg, a non-mandatory buyout offer was accepted by the company's remaining shareholders and bondholders.

The transaction is designed to accelerate Standard Chartered's push into new crypto markets, with the United Kingdom and Australia identified as priority expansion targets. Margaret Harwood-Jones, the bank's Global Head of Financing and Securities Services, noted that consolidating the structure will make it easier to scale the bank's crypto infrastructure across those jurisdictions.

Following the deal's completion, Zodia Custody's infrastructure business will be spun out as an independent SaaS company operating under a new name — Zodia Solutions. Current CEO Julian Sawyer will remain at the helm, while Standard Chartered's venture arm will hold a controlling stake in the newly formed entity.

Zodia Custody's existing shareholders — Northern Trust, Emirates NBD, National Australia Bank, and SBI Holdings — remain in place for now. Discussions around their potential participation in Zodia Solutions are ongoing.