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Crypto

Standard Chartered to acquire Zodia, expanding crypto custody business

Standard Chartered has signed a definitive agreement to acquire digital asset custodian Zodia Custody, The Block reported on Oct. 21. The deal comes five months after Zodia shareholders and bondholders accepted the acquisition proposal. Standard Chartered affiliate Standard Chartered IH will buy 100 percent of Zodia Custody, but the purchase price was not disclosed. After completion, the bank’s Securities Services unit will absorb the custody business, while software and professional services will be spun off as Zodia Solutions under SC Ventures.

Crypto

Standard Chartered opens crypto trading from bank accounts for wealthy UAE clients

Standard Chartered has launched a service allowing wealthy clients in the United Arab Emirates to trade bitcoin and ether directly from their bank accounts. The service, approved by Dubai’s Virtual Assets Regulatory Authority, is first available to clients who qualify as professional investors. The bank said it handles trading, custody and settlement within its own system, without separate wallets or external platforms. The service was built jointly across divisions and involves Zodia Markets.

Crypto

Standard Chartered-backed RLUSD seen driving Ripple Wall Street expansion, raising questions over XRP role

Standard Chartered has launched custody services for Ripple’s stablecoin RLUSD, adding to expectations that Ripple’s institutional business is growing on a track separate from XRP. U.Today said the move showed Ripple could expand in Wall Street and banking without an XRP price rise. RLUSD issuance is rising as XRP prices stagnate, and RLUSD’s market value has grown to $2.41 billion. Analysts cited by the outlet said XRP could become optional in Ripple’s institutional payment network.