Custody News & Analysis
3 articles
Market Mood
Block, Inc (XYZ) Applies for Bank Charter to Expand Digital Assets
On September 8, 2023, Block, Inc. (NYSE: XYZ) filed an application with the Office of the Comptroller of the Currency (OCC) to charter Builders Bank & Trust, N.A. This federally regulated bank could enhance Block's infrastructure for custody and services involving bitcoin and stablecoins. By establishing a regulated custody operation, Block aims to attract larger financial institutions and expand its customer base. Approval from the OCC remains critical, with potential regulatory hurdles posing risks that could impact Block's digital asset growth strategy.
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Standard Chartered (STAN) to Acquire Zodia Custody Pending Regulatory Approval
Standard Chartered (STAN) has signed a non-binding proposal to acquire Zodia Custody, a company providing digital asset custody solutions. Zodia Custody’s shareholders and noteholders have accepted the proposal, but the deal is subject to regulatory clearance and standard closing requirements. If approved, Zodia Custody’s operations will integrate into Standard Chartered’s digital asset custody business. Standard Chartered anticipates that this acquisition will enhance their global digital asset custody portfolio, aligning with their focus on improving institutional financial services.
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Standard Chartered (STAN) to Merge Zodia Custody with Digital Unit
Standard Chartered (STAN) announced plans to merge its Zodia Custody with its digital asset unit. This strategic move aims to enhance the bank's offerings in the blockchain and cryptocurrency space. Although no specific financial metrics were provided in the announcement, the merger is expected to streamline operations and potentially attract more clients looking for integrated services. The merger reflects a growing trend among financial institutions to adapt to digital asset management market demands.
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