Yahoo Finance Standard Chartered-backed digital asset firm Zodia Custody launches in Singapore
Zodia Custody will partner with banks to provide digital asset custody services. It raised US$36 million this April.
Zodia Custody, a cryptocurrency storage provider and a subsidiary of Standard Chartered Bank, has launched in Singapore. This news follows the announcement of its US$36 million ($49.02 million) Series A funding round in April this year.
This makes Zodia Custody the first entity that is owned by, and partnered with, banks to provide digital asset custody services for financial institutions in Singapore, according to a release dated Sep 12.
Its entry into the Singapore market is part of its expansion strategy across the Asia Pacific region, to cater to increased demand from institutions to provide bank-grade custody of digital assets, and to respond to existing client demand for its services in the region.
Citing the Monetary Authority of Singapore (MAS)’s recent announcement of a new framework for the use of digital money such as central bank digital currencies and stablecoins, the release notes that this expansion is in conjunction with regulators seeking to build a better-defined digital asset ecosystem.
As a business created on the thesis of segregation of assets, the proposal means that Zodia Custody will be well placed to serve institutional needs for robust risk management and governance controls in the jurisdiction, according to the release.
“Singapore is no stranger to digital assets, having long been a hub for financial technology innovation,” says Julian Sawyer, chief executive officer of Zodia Custody. “But even in a mature market, challenges remain. Having been created by Standard Chartered Ventures, we have a deep understanding of institutional needs and requirements not just to enter the space, but thrive within it. As we engage with the local ecosystem, we’ll be providing market participants with cutting-edge technology, bank-level compliance, and governance to accelerate their digital asset adoption journeys.”
Zodia Custody was launched in 2021, and has since expanded into Japan, as part of a joint venture with SBI Digital Asset Holdings, and into Luxembourg. It has also partnered with LMAX Digital, Hidden Road, BlockFills, and Blockdaemon. Some of its shareholders include Standard Chartered, SBI Holdings and Northern Trust.
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