Zodia Custody Expands into Hong Kong to Meet Institutional Demand
Zodia Custody, a crypto security firm backed by Standard Chartered, has announced its expansion into Hong Kong to cater to the growing institutional demand for secure crypto storage in the region. The move aligns with Hong Kong’s evolving stance on digital assets, as the government and regulators recognize their importance and aim to establish Hong Kong as a hub for the industry. Zodia’s expansion into Hong Kong is part of its broader strategy to penetrate the Asia-Pacific market, following its establishment in Japan, Singapore, and Australia.
Aligning with Regulatory Frameworks
Hong Kong’s Securities and Futures Commission (SFC) has implemented a regulatory framework for digital assets, allowing registered firms to offer services in a regulated manner. Zodia plans to engage in discussions with regulatory bodies like the SFC and Hong Kong Monetary Authority to pursue formal regulation while initially offering limited crypto asset services during its phased approach to expansion.
Institutional-Grade Services and Global Presence
Zodia Custody has been expanding its institutional services globally. In Australia and Singapore, it introduced specialized platforms designed for institutional clients to tap into the growing digital asset markets. The company offers bank-grade cold wallet storage and acts as a secure portal connecting institutions to digital asset exchanges. It also aims to enter the European market and has obtained a VASP registration from the Central Bank of Ireland.
Building a Strong Global Footprint
Zodia Custody secured $36 million in a Series A funding round led by SBI Holdings before its launch in 2021. The platform currently supports 38 cryptocurrencies and continues to expand its global footprint through strategic moves and partnerships.
Hot Take: Zodia Custody Expands into Hong Kong to Tap into Growing Institutional Demand
Zodia Custody’s expansion into Hong Kong is a strategic move to cater to the increasing institutional demand for secure crypto storage in the region. As Hong Kong embraces digital assets and aims to become a hub for the industry, Zodia is well-positioned to provide institutional-grade services. Its phased approach to expansion aligns with regulatory frameworks and demonstrates its commitment to responsible institutional adoption. With its presence in multiple jurisdictions and plans for further global expansion, Zodia Custody continues to establish itself as a leading player in the crypto security space.
By
By
By
By
