The crypto custody arm of Standard Chartered has entered into an agreement with SBI’s digital unit to form a joint venture in Japan.
Standard Chartered’s Zodia Custody has entered into definitive agreements with SBI Digital Asset Holdings (DAH) to launch a joint venture in Japan, according to a statement, subject to regulatory approvals.
Zodia Custody and SBI DAH will own 49 percent and 51 percent of the joint venture, respectively, which will act as a Japan-based crypto asset custodian targeting institutional clients.
«Partnering with SBI DAH ensures the joint venture will offer gold-standard crypto asset custody services in Japan. Zodia Custody is both proud and excited to be working with SBI DAH to help set up SBI Zodia Custody,» said Zodia Custody CEO Julian Sawyer.
StanChart-SBI Partnership
The new venture marks the second joint initiative between Standard Chartered and SBI since the two signed a memorandum of understanding to «accelerate portfolio expansion efforts as well as ecosystem building» in May 2022.
Based in London, Zodia Custody is a Standard Chartered subsidiary with backing from Northern Trust.
SBI DAH is a company that oversees and operates digital asset-related businesses within Japanese online brokerage giant SBI. SBI DAH’s subsidiaries include SBI Securities Solutions (Japan), SBI Digital Markets (Singapore), AsiaNext (Singapore), a joint venture with Switzerland's SIX Group, and more.
