Standard Chartered-backed digital asset platform Zodia Markets has raised $18.25m in its series A funding round amid a surge in institutional demand for crypto. The funding round was led by Pharsalus Capital, a New York-headquartered venture capital firm, with participation from Circle Ventures, The Operating Group, XVC Tech, Token Bay Capital, Human Capital and other strategic investors.

In 2024, Zodia Markets received a license in the UAE from FSRA the regulatory arm of ADGM in Abu Dhabi. Currently Zodia Markets supports over 20 fiat currencies and more than 70 digital assets, including USD and non-USD stablecoins. As per the press release the investment will support the firm’s continuing geographic expansion and support the growing capability of stablecoin-based payment orchestration.

Additional institutional trading products will be developed to support cross-border stablecoin payment solutions, further reinforcing its position as a recognized market leader.

Usman Ahmad, Co-Founder and CEO comments, “This raise is an endorsement of our strategy, vision and execution, but more than that, reflects the conviction of globally respected investors who recognise both the complexity of this market and the scale of what we’re building. Their participation signals confidence not just in our model, but in our role as a leader in reshaping and redefining wholesale capital movement.

Institutional capital shouldn’t have to wait for banking hours or be held back by manual workarounds. Our heritage means we’re in a unique position to reengineer traditional foreign exchange capital flows with real time stablecoin settlement across borders. The next era of finance starts with us and we’re excited to have more support to execute our vision to reimagine the movement of money.”

Blockchain startups have grabbed the attention of institutional investors this year, thanks to a $700bn crypto rally. Blockchain firm Digital Asset raised $135m in June from a slew of major financial firms, including Goldman Sachs and Citadel Securities.

Zodia Markets said the investment will support its geographical expansion.

Zodia Markets has built a strong presence in Abu Dhabi since receiving regulatory approval in 2023. The firm’s co-founder Philpott also relocated to the UAE’s capital last year.

Last year, Zodia Markets acquired Elwood’s over-the-counter business. In a July 2024 interview with Financial News, Ahmad said that the firm is open to more acquisitions.