StanChart to Absorb Zodia Subsidiary’s Crypto Custody Business

Standard Chartered Plc plans to acquire the crypto custody business of its majority-owned subsidiary Zodia Custody Ltd., expanding the reach of the bank’s own digital-asset operations.

The London-based bank’s non-binding offer for the custody business has been accepted by other Zodia Custody shareholders and noteholders, according to a statement Monday. Bloomberg reported on the proposed deal in April.