Zodia Markets, a cryptocurrency platform under Standard Chartered Bank, has completed a $18.25 million financing.

[Standard Chartered Bank's subsidiary encryption trading platform Zodia Markets completed a $18.25 million financing] The encryption trading platform Zodia Markets, a subsidiary of Standard Chartered Bank, has completed $18.25 million in financing, led by New York venture capital firm Pharsalus Capital, with participation from Circle Ventures, Token Bay Capital, XVC Tech, and others. After this round of financing, Standard Chartered Bank's shareholding ratio has decreased from 84% to 60%. Zodia Markets was established in 2021 and provides cryptocurrency over-the-counter brokerage services. New funding will be used to expand into East Asia, Latin America, and the United States, as well as to grow its stablecoin business. The company currently has a team of about 50 people and emphasizes a profit-first strategy, avoiding cost-inefficient expansion.