Zodia Markets CEO Usman Ahmad Exits; Nick Philpott Named Interim

• Usman Ahmad, co-founder and CEO of Zodia Markets, has stepped down from his position as of early March.
• Co-founder Nick Philpott, previously the head of partnerships, has assumed the role of interim CEO.
• The leadership change follows a $18.25 million Series A funding round that saw Standard Chartered’s ownership stake reduced from 84% to 60%.

Leadership Transition at Zodia Markets

Institutional crypto firm Zodia Markets is undergoing a leadership change following the departure of its founding CEO, Usman Ahmad. Ahmad had been at the helm since the company's inception in 2021. During his tenure, he oversaw the firm's growth as a joint venture between SC Ventures (the venture arm of Standard Chartered) and Hong Kong-based OSL Group.

Nick Philpott, another co-founder who formerly managed partnerships for the firm, has been named the interim chief executive officer. Based in London, Zodia Markets operates as an institutional-grade platform providing over-the-counter (OTC) brokerage, exchange services, and stablecoin solutions.

Funding and Ownership Structure

The executive exit coincides with recent shifts in the company’s capital structure. Over the summer, Zodia Markets secured $18.25 million in Series A funding. This round was led by Pharsalus Capital and included participation from several strategic investors:

• Circle Ventures
• The Operating Group
• XVC Tech
• Token Bay Capital
• Human Capital

As a result of this capital injection, Standard Chartered’s majority stake was diluted from 84% to 60%. Despite this reduction, the banking giant remains the primary owner of the venture and maintains its interests in the related entity, Zodia Custody.

Standard Chartered’s Evolving Crypto Strategy

The leadership shuffle arrives as Standard Chartered increasingly integrates digital asset services into its core operations. The bank launched a dedicated crypto custody unit last year and has signaled intentions to debut a full prime brokerage service within 2024. Furthermore, the bank is moving toward handling spot crypto trading in-house.

These internal developments reflect the bank's optimistic long-term outlook on the sector. In a report published last year, Standard Chartered projected that the combined market for stablecoins and tokenized real-world assets could reach a valuation of $2 trillion by 2028.