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With Ireland’s approval, Zodia can now offer over-the-counter trading and exchange services to institutional clients in the European Union.
Zodia Markets, a crypto brokerage and exchange backed by Standard Chartered and OSL, has been approved by the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP). It clears the path for the firm for EU expansion.
In an <a href="https://www.fnlondon.com/articles/standard-chartered-crypto-firm-zodia-markets-receives-approval-from-ireland-20231027" target="_blank" rel="noopener noreferrer nofollow">interview</a> with Financial Times, Zodia chief executive Michael Walsh said the registration would help the firm achieve its goals by acting as a “launchpad” to enter the <a href="https://crypto.news/europe-proposes-crypto-entity-suitability-guidelines/" data-type="link" data-id="https://crypto.news/europe-proposes-crypto-entity-suitability-guidelines/" rel="noopener noreferrer nofollow">European</a> market.
The news comes just a few months after Zodia secured an in-principle approval from the Abu Dhabi Global Market to offer regional services.
You might also like: <a href="https://crypto.news/standard-chartered-backed-zodia-goes-green-joins-uks-tech-zero/" rel="noopener noreferrer nofollow"> Standard Chartered-backed Zodia goes green, joins UK’s Tech Zero </a>
The Zodia CEO added in a <a href="https://zodiamarkets.com/insights/press-release/zodia-markets-receives-vasp-registration-in-ireland/" target="_blank" rel="noopener noreferrer nofollow">blog post</a> the firm sees “significant opportunity and demand” for its products as the European Union’s Markets in Crypto Assets regulation approaches.
Established in late 2020 by Nick Philpott and Usman Ahmad, London-headquartered Zodia <a href="https://crypto.news/standard-chartereds-crypto-custody-subsidiary-zodia-raises-36m/" target="_blank" rel="noopener noreferrer nofollow">raised $36 million</a> in a funding round led by Japan’s SBI Holdings in April 2023. It aimed to expand its geographical presence and add support for more cryptocurrencies.
Although the firm was initially backed solely by <a href="https://crypto.news/standard-chartered-predicts-bitcoins-future-value/" data-type="link" data-id="https://crypto.news/standard-chartered-predicts-bitcoins-future-value/" rel="noopener noreferrer nofollow">Standard Chartered</a> and Northern Trust, the latest funding made the 24-year-old Japanese financial services giant Zodia’s second-largest shareholder.
Earlier in October 2023, Nana Murugesan, Vice President of International and Business Development at Coinbase, <a href="https://crypto.news/coinbase-applies-for-mica-license-with-eu-hub-in-ireland/" target="_blank" rel="noopener noreferrer nofollow">said</a> the exchange decided to continue working in the EU through its base in Ireland, established in 2018.
Read more: <a href="https://crypto.news/gemini-chooses-ireland-as-its-hub-amid-us-crypto-turbulence/" rel="noopener noreferrer nofollow"> Gemini chooses Ireland as its hub amid US crypto turbulence </a>

Standard Chartered-backed Zodia gains Irelands’s Nod for EU crypto services

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