Standard Chartered Bank will fully acquire Zodia Custody, and the software business plans to be independently spun off

According to The Block, Standard Chartered has signed a final agreement to acquire 100% of the equity of the cryptocurrency custody institution Zodia Custody, with the transaction pending regulatory approval.

Under the arrangement, Zodia Custody's custody business will be integrated into Standard Chartered, while its software business will be transferred to an independent company supported by Standard Chartered's venture capital division, SC Ventures.