Quick take:
- The company plans to use the capital to enhance its institutional-grade stablecoin payments infrastructure.
- The announcement comes just over a week after President Trump signed into law the stablecoin-focused GENIUS Act on July 18.
- With this funding, Standard Chartered’s stake in Zodia markets falls to 60%, down from 84%, according to the Bloomberg report.
Zodia Markets, the digital asset trading and brokerage services arm of Standard Chartered, has raised $18.25 million in a Series A round led by Pharsalus Capital, with participation from Circle Ventures, The Operating Group, XVC Tech, Token Bay Capital, and Human Capital, among others.
With this funding, Standard Chartered’s stake in Zodia markets falls to 60%, down from 84%, according to the Bloomberg report.
The company plans to use the fresh capital for global expansion to advance its stablecoin payments service. Zodia Markets is joining a growing list of both mainstream and crypto companies that are revamping or entering the stablecoins payments business following the signing into law of the stablecoin-focused GENIUS Act on July 18.
The company plans to launch new stablecoin solutions for institutional capital, having already enabled minting and burning of USDC and EURC, in partnership with Circle.
The company has been one of the leading providers of stablecoin-focused foreign exchange (FX) markets, offering non-USD stablecoin pairs including those pegged to EUR, GBP, JPY, SGD, TRY, and more.
Commenting on the announcement, Zodia Markets CEO Usman Ahmad said, “Institutional capital shouldn’t have to wait for banking hours or be held back by manual workarounds. Our heritage means we’re in a unique position to reengineer traditional foreign exchange capital flows with real-time stablecoin settlement across borders. ”
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