National Australia Bank Invests in a Crypto Platform

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The venture arm of National Australia Bank, NAB Ventures, has made an investment in Zodia Custody, a secure platform for storing cryptocurrency and digital assets.

This investment is supported by other established financial institutions such as Standard Chartered, Northern Trust, and SBI Holdings.

According to a press release, Zodia Custody has recently established operations in Australia thanks to NAB Ventures’ investment in late 2023; the amount of the investment has not been disclosed.

More banks are now beginning to embrace the idea of cryptocurrency custody, often enlisting a third party to handle cryptographic keys and explore potential use cases for trading and tokenization.

NAB Ventures’ Managing Director Amanda Angelini stated that their investment in Zodia was based on various aspects, including the company’s innovative approach, secure practices, and cooperation with regulators.

With this investment, Zodia aims to collaborate with Australia’s unique ecosystem of digital asset exchanges and prepare for stricter regulatory requirements that will come into effect in 2025.

Louis Adams

I am an experienced crypto news writer. I have been in the industry for many years and believe this tech can bring financial freedom to everyone.