StanChart keeping Zodia alive as a SaaS platform while absorbing the custody ops into CIB is a clean two-for-one — run your own institutional custody desk, then license the stack to Northern Trust, NAB, and the other minority shareholders who'll flip from co-owners to paying customers. Six years from JV spinout to full CIB absorption. Crypto custody just graduated from innovation-lab experiment to standard-issue balance sheet infrastructure.

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