- Zodia, the institutional crypto custody platform co-owned by Standard Chartered, is launching its services in Hong Kong.
- CEO Julian Sawyer stated that institutional investors are driving crypto demand in Hong Kong.
- The expansion aligns with Hong Kong’s pro-digital asset stance.
Zodia Expands Crypto Custody Services to Hong Kong
Zodia, the institutional cryptocurrency custody platform co-owned by British banking giant Standard Chartered, is now extending its services to Hong Kong, in response to a rising demand for crypto from institutional investors. Zodia’s CEO, Julian Sawyer, emphasized that the demand for cryptocurrencies in Hong Kong is predominantly steered by institutional investors, rather than retail customers. This aligns well with Zodia’s focus on crypto custody for institutional clients.
Sawyer also noted that the Hong Kong government’s favorable stance on cryptocurrencies supports Zodia’s ambitions, as the local authorities view digital assets as the future and aspire for Hong Kong to become a hub for crypto-related activities.
This expansion into Hong Kong comes as Zodia aggressively scales its operations across Asia, having recently opened services in Japan, Singapore, and Australia. Julian Sawyer commented, “We also see a lot of other clients and prospects outside those four jurisdictions that want to come in on the institutional side.”
As per the report, Zodia will gradually introduce its services in Hong Kong, initially providing support for a limited number of cryptocurrency assets. The firm is in discussions with Hong Kong’s Securities and Futures Commission and Hong Kong Monetary Authority regarding regulatory matters.
Zodia’s launch in Hong Kong underscores the growing importance of institutional participation in the crypto market, mirroring a broader trend in the financial industry.
Zodia, launched in 2021, is an institutional crypto custody platform that raised $36 million in a Series A funding round led by SBI Holdings in April 2023. The platform supports 38 cryptocurrencies, including Bitcoin (BTC) and Ether (ETH).