British multinational bank Standard Chartered raised new funding for its crypto platform Zodia. Zodia Custody, a Standard Chartered-backed crypto custody subsidiary, has raised $36 million in a new series A funding round led by Japanese financial conglomerate SBI Holdings.
With the new funding, Zodia plans to increase the amount of supported cryptocurrencies and expand geographically beyond its current markets in Europe and Asia. The firm is particularly interested in opportunities in the Middle East but plans to avoid the United States due to regulatory uncertainty.
Standard Chartered is one of the international banks that pose a more welcome stance on crypto. In March, Coinbase Partnered with Standard Chartered Singapore for $SGD on/off Ramp for Free.