NAB has acquired a stake in Zodia Custody, a company specializing in the safekeeping of digital assets for institutional investors.
The bank has introduced measures to protect customers from scams by restricting transactions to high-risk cryptocurrency exchanges starting from 18 July 2023.
Zodia Custody's technology, originally developed by the UK military, enables communication from cold storage vaults to the internet without allowing reverse flow.
The investment aligns with potential Australian cryptocurrency laws requiring crypto assets to be stored offline in physical bank vaults, known as cold storage.
This move positions NAB to be ahead of the regulatory curve and may enhance its service offerings to business clients, potentially boosting its share value.