Major Cryptocurrency Move by National Australia Bank’s Venture Arm
In a significant development, NAB Ventures, the venture arm of National Australia Bank (NAB), has announced its strategic investment in Zodia Custody. Zodia Custody is a platform that offers institution-level custody services for cryptocurrency and digital assets. This move by NAB Ventures comes as other major financial institutions, including Standard Chartered, Northern Trust, and SBI Holdings, also support the platform.
The undisclosed investment from NAB Ventures will aid in the expansion of Zodia Custody into Australia. The platform is set to launch operations in late 2023. This decision reflects the growing acceptance of cryptocurrency custody among banks and financial institutions. Many of these institutions are turning to third-party services to manage cryptographic keys and explore various use cases, such as trading and tokenization.
Amanda Angelini, Managing Director of NAB Ventures, explained that the investment in Zodia was driven by several factors, including the platform’s innovative approach, robust security measures, and successful collaboration with regulators. Zodia Custody is also positioning itself as the preferred custodian for applicants of digital asset ETFs awaiting approval from the ASX.
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