PANews reported on May 18th that, according to Bloomberg, Standard Chartered plans to acquire the cryptocurrency custody business of its subsidiary Zodia Custody. The non-binding offer has been accepted by Zodia shareholders and creditors. Upon completion of the transaction, Zodia's digital asset custody business will be integrated into Standard Chartered's existing system, paving the way for providing custody services in new markets such as the UK and Australia. Zodia's infrastructure business will be spun off into an independent SaaS company, Zodia Solutions, operated by current Zodia Custody CEO Julian Sawyer and controlled by Standard Chartered's venture capital arm. Whether existing Zodia investors, including Northern Trust, Emirates NBD, National Australia Bank, and SBI Holdings, will remain with Zodia Solutions is still under negotiation.