The post NAB Ventures Makes Strategic Investment in Zodia Custody  appeared on BitcoinEthereumNews.com.

Coinspeaker NAB Ventures Makes Strategic Investment in Zodia Custody  According to reports, NAB Ventures acquired an undisclosed stake in Zodia Custody, an institution-grade crypto custodian. The company is already backed by prominent financial companies such as Standard Chartered Bank, Northern Trust, and SBI Holdings With this strategic investment, NAB Ventures has become the fourth major partner of Zodia Custody. The crypto custody firm established its presence in Australia towards the end of 2023 and is now poised for further growth with the investment firm as its Australian partner. NAB said it decision to invest in Zodia Custody was driven by several factors including the company’s innovative approach, institution-grade security, and strong regulatory compliance. Zodia Custody plans to expand its footprint in Australia. The company said its immediate priorities include collaborating with local exchanges to safeguard their assets. Zodia has already been selected by several digital asset trading platforms in Australia to serve as their custodian, in preparation for upcoming regulations requiring exchanges to be licensed under the Australian Securities and Investments Commission (ASIC). These regulations, expected to be implemented next year, will cover both custody and licensing rules that companies need to comply with to avoid legal consequences. Anticipating Regulatory Changes Zodia’s CEO, Julian Sawyer, said that the upcoming regulations in Australia could “significantly change the landscape” of the crypto economy in the country. He believes the new laws will have a major impact on how the industry operates once they are implemented in 2025. Sawyer also referenced the regulatory changes in Hong Kong and Japan, noting how their new crypto regulations transformed the way cryptocurrencies are viewed and utilized in those regions. Like both countries, he anticipates that Australia’s new laws will likely include the “segregation of digital assets and requirements to hold them in cold storage.” Positioning as…

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Filed under: News - @ June 20, 2024 2:22 am