Standard Chartered-Backed Zodia: Zodia Custody, the crypto security firm backed by British banking giant Standard Chartered, is making its move to Hong Kong, continuing its aggressive expansion across the Asia-Pacific region.
Zodia, boasting ownership by Standard Chartered, Northern Trust, and Japan’s SBI Holdings, is setting its sights on institutional clients in a market where institutional demand is the driving force for crypto. CEO Julian Sawyer sees Hong Kong as the ideal audience for Zodia, with the local government and regulators embracing digital assets and positioning the city as a crypto hub.
This expansion into Hong Kong follows recent launches in Japan, Singapore, and Australia. Zodia is taking a phased approach in its Hong Kong expansion, initially offering services for a limited set of crypto assets. The company is also in discussions with the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority about obtaining full regulatory status in the financial district.
Also Read: Standard Chartered Stumbles: China Woes Rattle Global Bank
Notably, Hong Kong is embracing crypto assets while China has taken a hardline stance, banning bitcoin trading and mining in 2021. The SFC introduced a regulatory framework for digital assets earlier this year, granting licenses to a select few firms, including OSL Digital and Hash Blockchain.
Zodia’s arrival in Hong Kong reflects the broader trend of financial institutions expanding into the crypto sector and targeting institutional clients. The company’s strategic approach aligns with the evolving crypto landscape in the Asia-Pacific region.
Our Reader’s Queries
What is ZODIA crypto?
Zodia Custody, a cryptocurrency storage provider supported by Standard Chartered (STAN), is teaming up with Metaco, a custody specialist owned by Ripple. Metaco’s network is specifically designed to manage the secure storage and settlement of digital assets for institutions worldwide. This partnership will undoubtedly enhance the safety and security of cryptocurrency storage for Zodia Custody’s clients.
What is crypto custody?
Custody in the digital asset industry pertains to safeguarding crypto assets through various methods. It can be done solo, with some assistance, or entrusted to a third-party service. The goal is to ensure the protection of these valuable assets.
What is fireblocks in crypto?
The Fireblocks Network is the ultimate solution for managing digital assets. With this secure transfer network, you can easily connect and move your assets across various exchanges, fiat providers, liquidity partners, and counterparties. It’s a one-stop-shop for all your digital asset needs. Plus, with the Javascript SDK, you can easily integrate the Fireblocks Network into your existing systems. Discover the power of the Fireblocks Network today!
What is Zodiac custody Singapore?
Zodia Custody, a subsidiary of Standard Chartered (STAN), has recently launched in Singapore. The cryptocurrency storage provider aims to offer digital asset custody services to financial institutions. The company has established a new entity called Zodia Custody (Singapore) Pvt. With this move, Zodia Custody is set to provide secure and reliable storage solutions for digital assets in the region.