Zodia Markets, the crypto trading platform under Standard Chartered, raises $18.25 million in funding

According to Jinse Finance, Zodia Markets, the crypto trading platform under Standard Chartered Bank, has completed a $18.25 million funding round led by New York venture capital firm Pharsalus Capital, with participation from Circle Ventures, Token Bay Capital, XVC Tech, and others. Following this round, Standard Chartered’s stake in Zodia Markets will decrease from 84% to 60%. Founded in 2021, Zodia Markets provides over-the-counter crypto brokerage services. The new funds will be used to expand into East Asia, Latin America, and the US markets, as well as to grow its stablecoin business. The company currently has a team of about 50 people and emphasizes a profit-first strategy, avoiding expansion at any cost.