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Apr 27, 2023

Silverpeak advises Zodia Custody on its $36m financing round led by SBI Holdings

Silverpeak, the mid-market technology specialist that represents European growth businesses in M&A and financing transactions, has acted as the exclusive financial adviser to Zodia Custody, the leading digital asset infrastructure provider for institutional investors, on its $36m financing round. The round was led by SBI Holdings, a Japanese financial conglomerate, with participation from SC Ventures, the venture investments arm of Standard Chartered, and other global investors.

Zodia Custody’s ability to raise funds amidst tightening market conditions demonstrates the demand from institutional investors for compliant and regulated infrastructure to invest in digital assets, such as cryptocurrencies and tokens. The investment will be used by Zodia Custody for geographic expansion, to increase its coin and token coverage, and enhance its off-exchange settlement product, Interchange, which protects client assets that are traded on exchanges.

Formed by Standard Chartered and in association with Northern Trust, Zodia Custody works with both crypto-native and traditional financial services clients. Through the combination of leading technology, governance and compliance, Zodia Custody satisfies the complex needs of institutional investors. The custodian holds licenses in the jurisdictions where it operates, including the UK, Ireland, and most recently, Luxembourg.

Silverpeak was engaged due to its expertise in infrastructure technology and fintech as well as its proven ability to execute cross-border fundraising transactions.

Silverpeak ran a comprehensive process, putting together a global syndicate of financial and strategic investors from across the traditional finance and crypto-native ecosystems. The company was positioned as a champion of regulatory compliance in the global digital asset ecosystem. In the post-FTX world, Zodia Custody’s distinctive value proposition becomes a clear competitive advantage. Silverpeak assisted management in presenting their business plan, articulating their equity story to investors, and negotiating the transaction. Silverpeak’s support results in a successful financing round with global institutions, in a fundraising environment that is increasingly challenging for digital asset companies.

The assembled syndicate is the perfect representation of Zodia Custody’s goal: to unlock institutional investing in digital assets at scale globally.

“The Silverpeak team have helped us to achieve this landmark moment not just for ourselves, but for UK fintech and the global digital asset ,” said Julian Sawyer, CEO of Zodia Custody. “We are now backed by three global financial institutions. This is a vote of confidence in our goal to build a more rigorous and compliant future for institutions participating in the digital asset space, as well as allowing us to continue innovating to meet both the unprecedented demand and needs of investors.”

Adam Popat, Managing Director at SC Ventures, comments: “We would like to thank the Silverpeak team for their great dedication, support and advice throughout this process. We are delighted to have completed this fundraise in these very challenging market conditions and the Silverpeak team made an invaluable contribution to the success of the transaction.”

Pietro Strada, Managing Partner at Silverpeak, said “We are delighted to have advised Zodia Custody and SC Ventures on this transaction, it has been the remarkable teamwork that led to this result. Furthermore, SBI is a great new shareholder that validates the attractiveness of Zodia Custody’s services. Julian and his team now have the financial resources – in addition to the outstanding skills – to accelerate the growth trajectory of the company.”