Standard Chartered to absorb Zodia

The crypto custody market reached a new consolidation milestone Wednesday when Bloomberg reported that Standard Chartered is planning to integrate Zodia Custody’s business into its corporate and investment bank division as early as this month, folding its majority-owned crypto custody subsidiary into an internal division that already offers similar services. The crypto custody market is consolidating, and Standard Chartered’s reported move to absorb Zodia Custody is its clearest signal yet that the bank intends to own the institutional digital asset infrastructure its advisors and corporate clients use, rather than maintaining it at arm’s length through a subsidiary. Bloomberg reported on…