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- Standard Chartered’s direct custody deal with 21Shares may signal a shift away from Zodia.
- Institutional crypto interest grows as major banks return to digital asset custody.
Standard Chartered has entered a new agreement with 21Shares to provide digital asset custody services. The announcement signals a possible shift in how the asset manager handles custody of its crypto-related products.
The custody service will be managed through the bank’s new digital asset arm, which was launched in Luxembourg in mid-July 2025. This facility is designed to serve institutional clients and corporate entities looking to trade and store digital assets securely.
Margaret Harwood-Jones, Standard Chartered’s global head of financing and securities services, stated,
“Working with 21shares as their digital asset custodian allows us to extend our expertise into the fast-evolving digital asset ecosystem and support digital asset-linked products, providing institutional investors with the assurance they require.”
Trusted Financial Expertise Powers 21Shares Deal
Mandy Chiu, global head of product development at 21Shares, described the partnership as “an important milestone in our continued mission to bring institutional-grade infrastructure to the digital asset ecosystem.” She highlighted the advantages of working with a firm long trusted in global finance, specifically mentioning the bank’s capabilities in risk oversight and international banking.
The fund manager has built a wide portfolio of exchange-traded crypto products. Until recently, it relied on Zodia Custody for safeguarding its digital assets. Zodia Custody is fully owned by Standard Chartered and was originally created to serve institutional crypto storage needs.
The current change raises questions about whether Standard Chartered will now operate custody directly rather than through Zodia Custody. The announcement did not confirm whether the bank will replace the earlier setup or run both platforms simultaneously.
Traditional Finance Targets Digital Asset Custody
In September 2025, US Bancorp announced the return of its digital asset custody services, targeting investment managers. The firm had previously shut down these services in response to regulatory issues, but has since resumed with a renewed focus.
In August, Citigroup was reported to be considering new crypto-related offerings, including custody and payment solutions. As we reported, Deutsche Bank announced plans to launch a crypto custody service by 2026. The bank explained that the move was driven by rising investor demand. Additionally, the head of digital assets, the bank is also exploring stablecoins and tokenized deposits.
