NAB Ventures, the venture arm of National Australia Bank (NAB), has made a strategic investment in Zodia Custody, a platform that provides institution-level custody of cryptocurrency and digital assets.
The platform is also supported by other major financial institutions such as Standard Chartered, Northern Trust and SBI Holdings.
The investment from NAB Ventures, of an undisclosed amount, is a significant move that supports Zodia's expansion into Australia, where it launches operations in late 2023. The move comes at a time when banks and other financial institutions are increasingly embracing the concept of cryptocurrency custody, often opting for third-party services to manage cryptographic keys and explore use cases related to trading, tokenization and more.
“NAB Ventures' investment in Zodia was based on a number of factors, including their innovative approach, enterprise-level security and strong work with regulators,” said NAB Ventures Managing Director Amanda Angelini.
Additionally, Zodia Custody is positioning itself as the preferred custodian for applicants of digital asset ETFs awaiting approval from the ASX.
*This is not investment advice.