Every bank will need to hold digital assets, says Zodia CEO

Julian Sawyer, CEO of Zodia Custody, says the question of whether banks will hold digital assets is already settled — the only variable is timing. "Every single bank is going to need to know how to hold digital assets," Sawyer told CoinDesk, framing Standard Chartered's full acquisition of Zodia Custody as a "major validation" of that thesis. The deal is on track to sign by end of June and close by end of August.

Why it matters

The acquisition signals a structural shift in how legacy banks are approaching crypto infrastructure: instead of building in-house, they are buying established, institutional-grade platforms. Standard Chartered's existing digital custody operations in Dubai, Luxembourg, and Hong Kong will merge into Zodia Custody and ultimately fold under the Standard Chartered brand, retiring the Zodia Custody name. A separate entity, Zodia Solutions, will carry the software and infrastructure business forward, backed by Northern Trust, Emirates NBD, and National Australia Bank.

Sawyer's broader argument is that blockchain infrastructure is maturing past speculative crypto into real-world asset tokenization and stablecoin payments — use cases that demand bank-grade trust and compliance. "The crypto industry is moving towards banking because of the law," he said, pointing to KYC and AML convergence as the structural driver.

Market impact

Regulatory momentum is accelerating across Asia and the Middle East — Hong Kong, Singapore, and Abu Dhabi are all moving — while the UK risks falling behind due to friction between the Bank of England, the Treasury, and the FCA. For investors, the signal is clear: custody, tokenization, and stablecoin infrastructure are becoming core banking services, and the consolidation wave is only beginning.