Zodia Custody Expands Services to Hong Kong, Targeting Institutional Crypto Market

Zodia Custody Expands Services to Hong Kong, Targeting Institutional Crypto Market

News, Blockchain news

In a strategic move signaling its ambitions in the fast-evolving crypto industry, Zodia Custody, the crypto security firm under the wing of the British banking giant Standard Chartered, has set its sights on expanding to Hong Kong. This bold initiative underscores Zodia’s persistent efforts to establish a robust foothold in the Asia-Pacific region.

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Since its inception in 2020, Zodia Custody has played a pivotal role, aiding financial institutions in safeguarding their cryptocurrency assets. Now, the company is venturing into the bustling crypto market of Hong Kong, albeit with a nuanced approach. Zodia plans to extend its services to select clients in Hong Kong, concentrating on a specific set of cryptocurrencies, marking the initial phase of its expansion strategy.

Julian Sawyer, Zodia’s CEO, shed light on the company’s decision, emphasizing Hong Kong’s crypto landscape, predominantly shaped by institutional interest rather than individual retail investors. This focus aligns seamlessly with Zodia’s target customer base, positioning the company advantageously in the Hong Kong market. Sawyer highlighted the local government and regulatory bodies’ keen interest in digital assets, viewing them as the future and positioning Hong Kong as a pivotal hub in this rapidly transforming landscape.

Zodia’s growth trajectory in the Asia-Pacific region has been impressive. In recent months, the company has successfully extended its services to key markets including Japan, Singapore, and Australia. Notably, Zodia boasts partial ownership from financial heavyweights such as Standard Chartered, Northern Trust, and Japan’s SBI Holdings.

Currently, Zodia is engaged in constructive dialogues with the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA), navigating the regulatory landscape of Hong Kong’s financial sector. These discussions are pivotal steps in Zodia’s expansion, ensuring compliance with local regulations and setting the stage for its venture into Hong Kong’s vibrant crypto market.

According to Sawyer, Zodia’s journey through the Asia-Pacific region is guided by a clear vision. He stated, “What we’re seeing is there are absolutely clients in all of those four markets who want to do things.” This strategic move into Hong Kong marks the final destination in Zodia’s regional expedition, affirming its commitment to serving the evolving needs of its clientele.

Stay tuned as Zodia Custody’s foray into Hong Kong unfolds, promising transformative developments in the institutional crypto landscape. Watch this space for comprehensive updates on this pioneering venture, shaping the future of crypto security in the heart of Asia.

Hong Kong, Zodia Custody