Meeting Growing Demand from Institutions
Zodia, the institutional cryptocurrency custody platform co-owned by Standard Chartered, SBI Holdings, and Northern Trust, is set to launch its services in Hong Kong. The move comes in response to the increasing demand for crypto from institutions in the region, according to Zodia CEO Julian Sawyer. Sawyer highlighted that the demand in Hong Kong is primarily driven by institutional investors, making it an ideal market for Zodia's crypto custody offering. He also noted that Hong Kong's favorable stance on crypto aligns with Zodia's ambitions as the local government sees digital assets as the future and aims to position Hong Kong as a hub.
Aggressive Expansion in Asia
Zodia's expansion into Hong Kong is part of its broader strategy to scale operations in Asia. The platform has recently launched services in Japan, Singapore, and Australia. Sawyer mentioned that they have seen interest from clients and prospects outside of these jurisdictions who are looking to enter the institutional side of the crypto market.
Gradual Rollout and Regulatory Discussions
Zodia plans to gradually roll out its services in Hong Kong, starting with support for a limited number of cryptocurrency assets. The platform is reportedly in discussions with Hong Kong's Securities and Futures Commission and Hong Kong Monetary Authority to obtain regulatory approval in the financial district.
Zodia did not provide an immediate response to Cointelegraph's request for comment.
About Zodia
Zodia was initially announced by Standard Chartered in 2020 as an institutional custodial platform for cryptocurrencies. The platform raised $36 million in a Series A funding round led by SBI Holdings in April 2023. It currently supports 38 cryptocurrencies, including Bitcoin, Ethereum, and stablecoins like Tether and USDC.
