NAB invests in Zodia Custody
News of the investment comes just days after the Australian bank shut down its proposed stablecoin, AUDN, and marks a pivotal shift for the bank's crypto strategy into the institutional safekeeping arena.
Last year Zodia Custody announced it had set up shop in Australia, planning to serve local institutional clients.
The Australian platform, dubbed SAF3, signed asset manager DigitalX as its first Australian client. As part of the pilot run, NAB teamed up with Zodia to test the capabilities of the SAF3 platform.
Speaking at the time, Howard Silby, NAB’s chief innovation officer, said: “Over a nine-week period, we tested Zodia’s integration and compliance capabilities, technology, and governance processes. The results were overwhelmingly positive.”
With the change in strategy, the developers working on the inital stablecoin project have since broken away from the bank to build their own version of the digital dollar, branded Ubiquity.
