Standard Chartered-owned crypto firm Zodia Custody has entered the Singapore market as part of broader plans to expand across the Asia Pacific region.
Zodia Custody has expanded its presence to Singapore, according to a statement. This is part of broader plans to expand across APAC 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».
«Singapore is no stranger to digital assets, having long been a hub for financial technology innovation,» said Zodia Custody CEO Julian Sawyer.
Regulatory Drivers
Recently, the Monetary Authority of Singapore presented a new framework for the use of virtual money, including central bank digital currencies and stablecoins. The regulator also proposed draft legislation on safeguarding such digital assets.
«[This paves] the way for custodial services to become a key component of digital asset infrastructure in Singapore. 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,» the firm explained.
Global Expansion
Zodia's entry into Singapore follows expansion last year into Japan, as part of a joint venture with Tokyo-based SBI Digital Asset Holdings, and Luxembourg. The crypto custodian has also established a number of partnerships with the likes of LMAX Digital, Hidden Road, BlockFills and Blockdaemon, driven by its interchange offering.
«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,» Sawyer added.
London-based Zodia Custody was established in December 2020 and its shareholders include Standard Chartered, SBI Holdings and Northern Trust. Prior to its Singapore entry, it completed a fundraising round that attracted $36 million in April.
