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Standard Chartered-owned crypto platform Zodia launches in Hong Kong

Standard Chartered-owned crypto platform Zodia launches in Hong Kong

Zodia, the institutional cryptocurrency custody platform co-owned by British banking giant Standard Chartered, Japanese SBI Holdings, and the financial firm Northern Trust, is expanding its services to Hong Kong.

Zodia Custody is launching services in Hong Kong in response to growing demand for crypto from institutions, according to Zodia CEO Julian Sawyer. He mentioned that crypto demand in Hong Kong is mainly driven by institutional investors rather than retail customers, which aligns with Zodia’s crypto custody offering. Hong Kong’s government sees digital assets as the future and wants the city to be a hub, which also aligns with Zodia’s ambitions.

Zodia’s launch in Hong Kong comes as the firm aggressively scales operations in Asia, opening services in Japan, Singapore, and Australia in recent months. The CEO stated, “We also see a lot of other clients and prospects outside those four jurisdictions that want to come in on the institutional side.”

According to the report, Zodia will gradually roll out its services in Hong Kong, initially offering support for a limited number of cryptocurrency assets. The firm is in discussions with Hong Kong’s Securities and Futures Commission and Hong Kong Monetary Authority regarding regulation in the financial district.

Related: Hong Kong securities regulator updates crypto policies, citing market developments

Zodia did not immediately respond to Cointelegraph’s request for comment.

Standard Chartered originally announced plans to launch an institutional custodial platform for cryptocurrencies in late 2020. Zodia, launched in 2021, raised $36 million in a Series A funding round led by SBI Holdings. The platform supports 38 cryptocurrencies, including Bitcoin and Ether, as well as stablecoins like Tether and USD Coin.

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