Zodia Markets Secures Approval for EU Expansion

Zodia Markets Expands into the European Union

Zodia Markets, supported by financial giants such as Standard Chartered and Northern Trust, has achieved a pivotal milestone with approval from the Central Bank of Ireland. This authorization allows Zodia to operate as a Virtual Asset Service Provider (VASP), marking a significant step in its strategic expansion across the European Union from its headquarters in London.

Strategic Move Aligned with EU Regulations

The approval enables Zodia's subsidiary in Ireland to provide over-the-counter trading services to institutional clients throughout the EU. This development aligns with the forthcoming Markets in Cryptoassets Regulation, positioning Zodia to capitalize on the growing demand for regulated digital asset services. The Irish government, represented by Jennifer Carroll MacNeill TD, has expressed support for Zodia's entry into the regulated digital asset sector.

Foundation and Growth Trajectory

Established in 2020 by Nick Philpott and Usman Ahmad, Zodia Markets has been proactive in securing regulatory compliance. The firm previously obtained licenses from the UK's Financial Conduct Authority and Abu Dhabi Global Markets. In a strategic financial move, Zodia raised $36 million in a Series A funding round led by SBI Holdings, enhancing its financial backing and shareholder base.

Ireland as a Hub for Crypto Firms

Zodia is not alone in choosing Ireland as its European base. Other major players such as Interactive Brokers, Coinbase, Kraken, and Gemini have also established their operations in Ireland. This trend underscores Ireland's growing reputation as a favorable hub for crypto firms seeking to maintain and expand their presence in the EU market.

By gaining this approval, Zodia Markets is well-positioned to meet the anticipated surge in demand for regulated crypto services across the European Union.