National Australia Bank’s venture subsidiary, NAB Ventures, has embarked on a strategic investment in Zodia Custody, an elite institution-grade digital assets and cryptocurrency safeguarding platform, already backed by Standard Chartered, Northern Trust, and SBI Holdings.

This infusion of capital by NAB Ventures marks a significant milestone in Zodia’s expansion into the Australian market, where the custody firm commenced operations in late 2023, as outlined in a recent press release. However, the specifics of the investment’s magnitude remain undisclosed.

Financial institutions, including banks, have gradually embraced cryptocurrency custody, typically delegating the management of cryptographic keys and exploring applications in trading, tokenization, and beyond to specialized third parties.

Amanda Angelini, Managing Director of NAB Ventures, articulated in a statement, “Our investment in Zodia Custody was predicated on several factors, including their pioneering methodology, institution-grade security, and robust regulatory compliance.”

Strategic Priorities and Future Outlook

In the wake of this investment, Zodia Custody’s immediate objectives include integrating Australia’s diverse ecosystem of domestic digital asset exchanges. Many of these exchanges are transitioning their assets to the Zodia Custody platform in anticipation of stringent regulatory mandates expected to be implemented in 2025, as noted by Zodia.

Moreover, Zodia Custody is positioning itself as the preferred custodian for applicants of prospective digital asset ETFs awaiting approval from the Australian Securities Exchange (ASX), further solidifying its role in the burgeoning digital asset landscape.