The National Bank of Australia Takes a Significant Leap in the Cryptocurrency Space

National Australia Bank’s venture arm, NAB Ventures, has made a strategic investment in Zodia Custody, a platform that offers institutional-level custody services for cryptocurrency and digital assets. This investment, of an undisclosed amount, supports Zodia’s expansion into Australia, where it plans to launch operations in late 2023. The move is in line with the increasing trend of banks and financial institutions embracing cryptocurrency custody and utilizing third-party services for managing cryptographic keys and exploring trading and tokenization opportunities. Zodia Custody, supported by major financial institutions including Standard Chartered, Northern Trust, and SBI Holdings, aims to become the preferred custodian for applicants of digital asset ETFs awaiting approval from the ASX. NAB Ventures’ decision to invest in Zodia was driven by factors such as the platform’s innovative approach, enterprise-level security measures, and strong collaboration with regulators. Please note that this article does not constitute investment advice.