Zodia Markets, the crypto arm of Standard Chartered, announced a successful funding round, raising $18.25 million. This event underscores the growing confidence in institutional crypto platforms.
Zodia Markets Funding: A Landmark Investment for Institutional Crypto
Zodia Markets, part of Standard Chartered Bank, has successfully completed a funding round of $18.25 million. This round was led by Pharsalus Capital with participation from Circle Ventures and XVC Tech. The reduction of Standard Chartered's stake in Zodia from 84% to 60% indicates a desire for greater independence for the company.
Strategic Goals of the New Zodia Markets Funding
The funds will be directed towards geographic expansion and strengthening the stablecoin business. The expansion includes new regions such as Asia and Europe, while bolstering stablecoin offerings, such as USDC, will help Zodia provide reliable solutions for institutional clients.
Investors Behind Zodia Markets Funding
The primary investors include Pharsalus Capital, Circle Ventures, and XVC Tech. Investments from such firms validate the strategic interests and trust in Zodia Markets' business model.
The $18.25 million funding for Zodia Markets highlights confidence in the future of institutional crypto platforms. It creates excellent growth and development prospects for the company in the rapidly evolving world of digital assets.
