coindesk.com
Standard Chartered (STAN) is set to acquire the shares of Zodia Custody, its cryptocurrency custodian subsidiary, that it doesn't already own.
The London-based bank's non-binding offer has been accepted by the firm's other shareholders and noteholders, Standard Chartered announced on Monday. The parties did not disclose financial terms of the acquisition.
Reports emerged last month that the bank was exploring a full takeover of the firm, with sources saying it was considering allowing the custodian to continue operating as a separate software-as-a-service (SaaS) business.
The bank has been a majority shareholder of Zodia Custody since 2021, with minority shareholders including Northern Trust, Emirates NBD, National Australia Bank and SBI Holdings.
Zodia's custody activities will be integrated into Standard Chartered's own digital asset custody business. Its institutional crypto infrastructure platform will be separated and all its assets transferred to an independent entity, Zodia Solutions, which will exist under Standard Chartered's venture arm. SC Ventures also owns a stake in Zodia Markets.