StanChart’s Crypto Arm Zodia Markets Raises $18 Million
Standard Chartered's crypto arm, Zodia Markets, has raised $18.25 million in a funding round. The raise will reduce the financial group's stake in the digital asset trading platform. Zodia Markets was launched in 2021 as a joint venture between Standard Chartered and Northern Trust, a financial services firm. The recent funding round was led by Alameda Research, a crypto trading firm, and also involved participation from other investors. The funds will be used by Zodia Markets to expand its institutional-grade crypto trading and custody services. The raise comes amid a broader downturn in the crypto market, with several firms facing financial difficulties. However, Zodia Markets aims to capitalize on the increasing institutional interest in digital assets, despite the current market conditions.
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