Zodia Custody, a digital asset custodian backed by banks, has expanded to Singapore. Standard Chartered, SBI Holdings and Northern Trust are among Zodia’s shareholders.
According to Zodia, it is the first entity owned by, and partnered with, banks to provide digital asset custody services for financial institutions in Singapore.
The custodian added that it seeks to expand across the Asia-Pacific region 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.
The move is also supported by the regulatory developments in Singapore, which are creating a more favorable environment for digital assets.
Zodia Custody has partnered with a number of companies in the past year, including LMAX Digital, Hidden Road, BlockFills, and Blockdaemon.
The company had also expanded into both Japan, as part of a joint venture with SBI Digital Asset Holdings, and into Luxembourg, with the latter also seeing the firm be registered as a Virtual Asset Service Provider (VASP) in that market.
Zodia Custody’s entry into Singapore also follows a US$36 million Series A raise in May this year.
Julian Sawyer
“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.”
said Julian Sawyer, CEO of Zodia Custody.
