StanChart’s Crypto Arm Zodia Markets Raises $18 Million

Standard Chartered PLC’s crypto subsidiary Zodia Markets Ltd. has raised $18.25 million in a funding round that will reduce the financial group’s stake in the digital asset trading platform.

The investment was led by New York-based venture capital firm Pharsalus Capital with participation from investors including Circle Ventures, The Operating Group, XVC Tech, Token Bay Capital and Human Capital, Zodia Markets said in a statement on Monday.

Through the round Standard Chartered’s stake in Zodia Markets will fall to 60% from 84%, Chief Executive Officer Usman Ahmad said in an interview. Majority ownership by a bank in a digital ...