Zodia Expands Cryptocurrency Custody Services to Hong Kong
Zodia, the institutional cryptocurrency custody platform co-owned by Standard Chartered, SBI Holdings, and Northern Trust, is now offering its services in Hong Kong. The move comes in response to the increasing demand for crypto from institutions in the region. Zodia CEO Julian Sawyer stated that the demand for crypto in Hong Kong is primarily driven by institutional investors, making it an ideal market for their custody offering. He also noted that Hong Kong’s supportive stance on digital assets aligns with Zodia’s ambitions. Zodia has been rapidly expanding its operations in Asia, having recently launched services in Japan, Singapore, and Australia.
Meeting Institutional Demand for Crypto
Zodia’s CEO mentioned that they are seeing interest from clients not only in the markets where they have established a presence but also from prospects outside those jurisdictions. In Hong Kong, Zodia plans to gradually introduce its services and initially offer support for a limited number of cryptocurrencies. The company is reportedly in discussions with regulatory authorities, including Hong Kong’s Securities and Futures Commission and Monetary Authority, about obtaining regulation in the financial district.
About Zodia
Standard Chartered announced its plans to launch an institutional custodial platform for cryptocurrencies in late 2020, which led to the establishment of Zodia in 2021. The platform raised $36 million in a Series A funding round led by SBI Holdings in April 2023. Zodia supports 38 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Tether (USDT), and USDC (USDC).
Hot Take: Zodia Expands Presence in Asia
With its expansion into Hong Kong, Zodia continues to establish its presence as an institutional cryptocurrency custody platform across Asia. The decision to enter the Hong Kong market is driven by the growing demand for crypto from institutional investors in the region. By aligning with Hong Kong’s supportive stance on digital assets, Zodia aims to cater to the needs of these investors while also positioning itself as a hub for crypto services. As Zodia expands its operations and engages with regulatory authorities, it demonstrates its commitment to providing secure and regulated custody solutions for institutional clients in the cryptocurrency space.
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