- Zodia Markets raised $18.25 million in Series A funding, led by Pharsalus Capital.
- The company plans to expand its stablecoin foreign exchange solution and grow internationally.
- By mid-2024, Zodia’s stablecoin FX settlement solution processed $50–$60 million in daily transactions.
- The funding comes amid Standard Chartered activities related to stablecoin issuance and regulatory developments in Hong Kong.
- Participants in the funding round included Circle Ventures, XVC Tech, Token Bay Capital, Human Capital, and others.
Zodia Markets, a digital asset firm, has secured $18.25 million in Series A funding to support its growth. Venture capital firm Pharsalus Capital led the investment round, with participation from Circle Ventures, The Operating Group, XVC Tech, Token Bay Capital, Human Capital, and others.
The company, which focuses on stablecoin foreign exchange for institutional clients, plans to use the new funds to expand internationally and advance its stablecoin orchestration solution. As of mid-2024, Zodia Markets reported that its over-the-counter (OTC) stablecoin FX settlement system was handling $50–$60 million per day in transactions.
According to Usman Ahmad, Co-Founder and CEO, the company wants to address issues related to delayed settlement times in Asia after the U.S. shifted to T+1 (next day) settlement. “Institutional capital shouldn’t have to wait for banking hours or be held back by manual workarounds,” Ahmad stated. He added that stablecoin technology can enable instant, real-time cross-border settlements.
Zodia Markets was originally founded by Standard Chartered’s SC Ventures and the Hong Kong-based crypto group OSL. The company shifted its focus from institutional crypto trading to using stablecoins, which are digital tokens pegged to currencies like the U.S. dollar, for faster foreign exchange settlements. Currently, most stablecoin FX activity involves the U.S. dollar, limiting other currency pairs, but stablecoins enable instant settlement compared to traditional systems.
Before this funding round, SC Ventures (via Zodia Holdings) owned 84% of Zodia Markets, with OSL holding the remainder. Earlier this year, Zodia Holdings received $16.4 million in funding that was likely used to support stablecoin ventures, possibly including a new joint venture in Hong Kong with HK Telecom and Animoca Brands.
The Hong Kong Monetary Authority recently issued new guidelines for stablecoin issuers, requiring them to identify all holders of their digital assets. These rules may impact future launches, including those by Standard Chartered-backed entities, but should fit with Zodia Markets’ institutional approach. For more information on Zodia Markets, see their official website at zodiamarkets.com.
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