Crypto Trading Firm Zodia Markets Launches in UK with StanChart- Backing

Zodia Markets, a cryptocurrency exchange and brokerage focusing on institutions, has gone live with the support of a banking giant Standard Chartered (STAN).

U.K.-based Zodia Markets is a sister company of Zodia Custody, the digital assets safekeeping platform. Both firms share the same backers in SC Ventures, the venture arm of Standard Chartered, and Northern Trust (NTRS).

The companies said on Thursday, Zodia Markets is also working closely with Hong Kong based BC Technology Group, the owner of crypto trader OSL.

Zodia Markets CEO Usman Ahmad said, the firm which has been granted Financial Conduct Authority (FCA) approval, has gone live with spot trading of bitcoin (BTC) and ether (ETH).

Ahmad said in an interview, “What most large financial institutions have done for now is entered crypto via the custody space, as has Standard Chartered with Zodia Custody”. “We looked around and saw a gap in the market when it comes to a crypto trading firm with the backing of a bank.”

Singapore’s DBS Bank which launched a digital assets trading arm back in early 2021, is probably the closest rival to Zodia Markets. 

Ahmad said crypto trading is quite well served in the Far East, as well as in the U.S. which also informed Zodia Markets geographical focus.

“We want to focus on the U.K., Europe, Middle East and Africa as a starting point,” he said. “We looked across this time zone, and this jurisdiction feels, relatively speaking, underserved.”