Zodia Customer Completes $36 Million Funding Round

According to reports, Zodia Customer, a subsidiary of Standard Chartered Bank and a cryptocurrency custodian, completed a $36 million A-round financing, with Japanese SBI leading the investment and becoming the second largest shareholder. The funds raised will be used for regional expansion outside the European and Asian markets, as well as to increase more digital assets, including collateralized ETHs.

Zodia Customer, a subsidiary of Standard Chartered Bank, completed a Series A financing of $36 million

In recent news, Zodia Customer, a cryptocurrency custodian and subsidiary of Standard Chartered Bank, has successfully completed an A-round financing worth $36 million. The funding was led by Japanese SBI, making them Zodia’s second largest shareholder. The funds will be used to expand the company’s reach beyond the European and Asian markets, as well as to increase their digital asset offering, including collateralized ETHs. In this article, we will take a closer look at Zodia Customer, their recent funding round, and what this means for the cryptocurrency industry.

Who is Zodia Customer?

Zodia Customer is a cryptocurrency custodian, which means they provide secure storage solutions for digital assets, such as Bitcoin and Ethereum. Zodia is a subsidiary of Standard Chartered Bank, which gives them added credibility and trustworthiness in the industry. Despite being a relatively new player in the market, Zodia has quickly established itself as a leading custodian, thanks to their commitment to providing secure, reliable, and transparent services.

The $36 Million A-Round Financing

Zodia Customer’s recent $36 million funding round was led by SBI, a Japanese financial services company that has been heavily investing in the cryptocurrency industry in recent years. SBI’s investment makes them the second largest shareholder in Zodia, behind Standard Chartered Bank. The funds raised in this round will be used to expand Zodia’s presence beyond the European and Asian markets, where they currently operate, and to increase their digital asset offering, including collateralized ETHs.

What Does This Mean for the Cryptocurrency Industry?

The completion of Zodia’s $36 million funding round is good news for the cryptocurrency industry as a whole. It is a sign that institutional investors are beginning to take notice of the potential of cryptocurrencies and are willing to take a stake in the market. It also shows that there is confidence in the custodian business model, which is a crucial part of the infrastructure required for cryptocurrencies to become more widely adopted.
The fact that Zodia is a subsidiary of Standard Chartered Bank is also significant. It shows that traditional financial institutions are starting to take cryptocurrencies seriously and are willing to invest in the technology. This kind of institutional backing is essential for cryptocurrencies to gain wider acceptance and adoption, as it helps to build trust in the market.

Conclusion

Zodia Customer’s completion of their $36 million funding round is a significant development for the cryptocurrency industry. It shows that institutional investors are starting to take notice and are willing to invest in the market. It also highlights the importance of custodians in the cryptocurrency ecosystem and how they can facilitate wider adoption of cryptocurrencies. With this new funding, Zodia will be well-positioned to expand its reach and increase its digital asset offering, which is good news for cryptocurrency investors and enthusiasts alike.

FAQs

1. What is a cryptocurrency custodian?

A cryptocurrency custodian is a company that provides secure storage solutions for digital assets such as Bitcoin and Ethereum. Custodians are essential to the cryptocurrency industry as they help to ensure that digital assets are stored securely and can be accessed when needed.

2. Why is institutional investment important for cryptocurrencies?

Institutional investment is important for cryptocurrencies because it helps to build trust in the market. When traditional financial institutions are willing to invest in cryptocurrencies, it provides legitimacy to the industry and helps to increase adoption.

3. What are collateralized ETHs?

Collateralized ETHs are digital assets that are backed by Ethereum. They are often used as collateral for loans and other financial transactions in the cryptocurrency market.