National Australia Bank's venture arm invests in crypto-focused storage platform Zodia
Date: 2024-06-20 Author: Henry Casey Categories: BUSINESS
National Australia Bank's venture capital arm (NAB Ventures) has announced its investment in Zodia Custody, an institutional-grade cryptocurrency and digital asset custody platform. The deal, backed by financial giants Standard Chartered, Northern Trust and SBI Holdings, aims to strengthen Zodia's position in the Australian market and prepare for upcoming challenges in the digital asset space.
Investment in Zodia Custody
According to the official press release, NAB Ventures has invested in Zodia Custody, highlighting the importance of the platform's innovative approach and high level of security. The size of the investment was not disclosed, however this collaboration positions Zodia for further growth in the Australian market.
Banks and financial institutions are increasingly interested in cryptocurrency custodial services, preferring secure management of cryptographic keys and exploring opportunities for asset trading and tokenization.
Amanda Angelini, managing director of NAB Ventures, noted that the investment in Zodia was based on their innovative approach and active collaboration with regulators, which makes the platform attractive to institutional investors.
Priorities of Zodia Custody
The next key steps for Zodia are to create a unique ecosystem of Australian digital assets and prepare for the implementation of strict regulatory requirements planned for 2025. In addition, the platform is positioning itself as the preferred custodian for future digital asset ETFs pending ASX approval.
NAB Ventures' investment in Zodia Custody highlights its commitment to developing infrastructure for institutional digital asset players in Australia. This collaboration not only strengthens Zodia's position, but also supports the growth and diversity of cryptocurrency services in the global market.
