Zodia Receives Approval to Expand into the European Union
Zodia Markets, a cryptocurrency brokerage and exchange supported by Standard Chartered and OSL, has obtained approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP). This regulatory clearance allows Zodia to offer over-the-counter trading and exchange services to institutional clients in the European Union. The company’s CEO, Michael Walsh, stated that this registration serves as a “launchpad” for their expansion into the European market. Zodia sees great potential and demand for its products as the European Union prepares to implement the Markets in Crypto Assets regulation. Founded in 2020, Zodia raised $36 million in funding led by SBI Holdings in April 2023, allowing it to enhance its geographic presence and support additional cryptocurrencies.
Continued EU Presence for Coinbase
Coinbase, the popular cryptocurrency exchange, has decided to maintain its operations in the European Union through its base in Ireland. Established in 2018, Coinbase’s decision aligns with Zodia’s move to expand into the EU market. With Ireland’s approval, Zodia can now cater to institutional clients across the European Union, while Coinbase continues its presence through its Irish establishment.
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