The National Australia Bank (NAB) announced today it has invested in Zodia Custody, a digital asset custody platform founded by Standard Chartered Bank. This move comes after NAB recently closed its own stablecoin project, AUDN, suggesting a strategic shift towards crypto custody services for institutional investors.
Zodia Custody, launched in 2023, has already secured high-profile clients like Deutsche Bank’s DWS and Marathon Digital. NAB’s investment amount remains undisclosed, but could potentially represent a 3.3% stake based on a recent $5 million capital injection by Zodia’s parent company.
NAB’s investment aligns with Australia’s growing embrace of digital assets. The Australian Securities Exchange (ASX) recently approved the listing of a spot Bitcoin ETF, and the country is actively formulating its own digital asset regulations.
“NAB Ventures’ investment reflects Zodia’s innovative approach, strong security measures, and commitment to regulatory compliance,” said a spokesperson for NAB. “We believe Zodia will be a key player in facilitating the adoption of digital assets in Australia.”
Zodia Custody’s CEO, Julian Sawyer, expressed optimism about Australia’s regulatory environment. “Incoming regulations will likely require segregated assets and secure cold storage, areas where Zodia Custody excels,” he said. “Combined with the launch of digital asset ETFs, Australia is poised for significant growth in the crypto space.”
