Digital asset firm Zodia Markets has raised $18.25m in Series A funding, led by venture capital firm Pharsalus Capital, with participation from Circle Ventures, The Operating Group, XVC Tech, Token Bay Capital, Human Capital and others. The company was initially founded by Standard Chartered’s SC Ventures, and Hong Kong crypto group OSL as an institutional crypto trading firm, but pivoted to stablecoins for foreign exchange.
The funds will be used to expand geographically and grow its stablecoin orchestration solution.
By mid 2024 Zodia’s over the counter (OTC) stablecoin FX settlement solution was transacting $50-$60 million a day. One of the key challenges it addresses is the problems created in Asia by the US move to T+1 settlement. In order for Asian institutions to settle on time, they require same day FX transactions. That’s possible with stablecoins given they settle instantly.
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