Standard Chartered-owned crypto platform Zodia launches in Hong Kong

Zodia, the organization cryptocurrency custody level co-owned by British banking elephantine Standard Chartered, Japanese SBI Holdings and the fiscal steadfast Northern Trust, is expanding its services to Hong Kong.

Zodia Custody is launching services successful Hong Kong successful effect to increasing request for crypto from institutions, Zodia CEO Julian Sawyer said, according to a CNBC study connected Oct. 29.

According to Sawyer, the crypto request successful Hong Kong is chiefly driven by organization investors alternatively than retail customers, ideally matching Zodia’s crypto custody offering. He besides mentioned that Hong Kong’s stance connected crypto aligns with Zodia’s ambitions arsenic the section authorities “sees integer assets arsenic the aboriginal and besides wants Hong Kong to beryllium a hub.”

Zodia’s motorboat successful Hong Kong comes arsenic the steadfast aggressively scales operations successful Asia, opening services successful Japan, Singapore and Australia successful caller months.

“What we’re seeing is determination are perfectly clients successful each of those 4 markets who privation to bash things,” Zodia CEO said, adding:

“We besides spot a batch of different clients and prospects extracurricular those 4 jurisdictions that privation to travel successful connected the organization side.”

According to the report, Zodia volition gradually rotation retired its services successful Hong Kong, initially offering enactment for a constricted fig of cryptocurrency assets. The steadfast is reportedly successful discussions with Hong Kong’s Securities and Futures Commission and Hong Kong Monetary Authority astir becoming regulated successful the fiscal district, the study notes.

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

Zodia did not instantly respond to Cointelegraph’s petition for comment.

As antecedently reported, Standard Chartered primitively announced plans to motorboat an organization custodial level for cryptocurrencies similar Bitcoin (BTC) successful precocious 2020. Launched successful 2021, Zodia raised $36 cardinal successful a Series A backing round led by SBI Holdings successful April 2023. The level supports 38 cryptocurrencies, including BTC, Ether (ETH) arsenic good arsenic stablecoins similar Tether (USDT) and USDC (USDC).

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