Today Zodia Custody announced that the National Australia Bank became an investor via NAB Ventures. The digital asset custody startup was founded by Standard Chartered with one of the world’s largest global custodians, Northern Trust, as a minority investor. Japan’s SBI Holdings subsequently led a $36 million funding round, bringing the total funds raised to $68 million. At that stage StanChart held a 72% stake, Northern Trust 8% and SBI 20%.
We noticed an additional $5 million injection earlier this month, which may or may not be related to NAB’s investment. Our uncertainty is based on Zodia Custody’s parent raising additional capital a few weeks earlier. If NAB has invested $5 million, it gives it a 3.3% stake.
The news hasn’t come out of the blue because last year Zodia Custody announced it had set up shop in Australia, planning to serve local institutional clients. Around 26% of consumers have digital asset investments. At that stage Zodia Custody signed asset manager DigitalX as its first Australian client and NAB was running a proof of concept.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
