Crypto compliance firm run by Starling co-founder raises £29m
Crypto compliance service provider Zodia Custody has closed a $36m (£28.8m) funding round that saw participation from Standard Chartered.
Zodia is run by Starling Bank co-founder Julian Sawyer, who was appointed in January. It offers compliance services for the digital asset economy, a key product for the sector as tighter crypto regulation in the UK and beyond appears to be on the horizon.
“The future direction of the digital asset ecosystem is clear. As investors demand greater assurance and rigour—compliance is crucial to the future evolution of our sector,” said Sawyer.
The Series A round from SC Ventures, the venture capital arm of Standard Chartered, also featured participation from Japanese conglomerate SBI Holdings.
Zodia will use the new funds to further develop its asset infrastructure and expand its business into other markets.
“As a business with a significant and vested interest in the digital asset space, we know all too well the need to evolve the ecosystem as a whole,” said Yoshitaka Kitao, president and CEO of SBI Holdings.
“This further investment into Zodia Custody, alongside our previously announced plans to set up a joint venture, builds on our work to bring Zodia Custody’s services to the Japanese market. It reinforces our belief in the future of the ecosystem, alongside both the Zodia Custody product and the team powering it.”
Zodia was launched as a subsidiary of Standard Chartered in 2020 to expand its compliance services to the crypto asset space.