National Australia Bank arm invests on digital asset custodian Zodia

Zodia aims to onboard Austrlia's home grown digital asset exchanges in its platform.

NAB Ventures, the venture arm of the National Australia Bank, has invested in digital asset custodian Zodia Custody.

Zodia Custody says that it is now backed by four major financial institutions: Standard Chartered, Northern Trust, SBI Holdings, and NAB.

Speaking on the investment, NAB Ventures managing director Amanda Angelini said that the move is part of NAB’s focus on “ensuring the finance sector continues to provide simple, safe and secure services for Australians.”

“This is particularly important in newer fields where technology continues to evolve quickly,” Angelini said. “NAB Venture’s investment in Zodia was based on a range of factors including their innovative approach, institution-grade safety and strong work with regulators. We look forward to seeing Zodia Custody drive further innovation in the digital assets space.”

Zodia Custody established Australian operations in late 2023.

Following the investment, Zodia’s priorities include onboarding Australia’s ecosystem of home-grown digital asset exchanges, many of whom are moving assets onto the Zodia Custody platform in preparation for stricter regulatory requirements expected to come into effect in 2025. 

Zodia Custody said that it is also priming itself as the custodian of choice for applicants of anticipated digital asset ETFs awaiting approval from the ASX.

In other news, NAB recently appointed Andrew Irvine as its new CEO.