Zodia Custody, a digital asset custodian by Standard Chartered, in association with Northern Trust and SBI Holdings, has announced that it will provide digital asset services in Singapore. The company, which was launched in 2020, aims to offer institutional-grade custody solutions for cryptocurrencies and other digital assets.
Zodia Custody is a pioneer in the field of digital asset custody, offering a secure and compliant solution for institutional investors. Zodia Custody combines the expertise and experience of Standard Chartered, a leading global bank, and Northern Trust, a leading global custodian, to provide a best-in-class platform that meets the highest standards of governance, risk management and operational resilience.
Zodia Custody is one of the first regulated digital asset custodians in the world, having obtained the approval of the Financial Conduct Authority (FCA) in the UK. Zodia Custody supports multiple cryptocurrencies, including Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash, and plans to expand its offering to other digital assets in the future.
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Zodia Custody enables institutional investors to access the opportunities and benefits of the digital asset ecosystem, while mitigating the risks and challenges associated with self-custody or unregulated service providers. Zodia Custody is committed to advancing the adoption and innovation of digital assets, while adhering to the highest standards of regulation, compliance and security.
More so, Zodia Custody’s CEO, Julian Sawyer, described Singapore as a “leading global financial hub and a key market for digital assets in Asia”. He added that Zodia Custody is committed to “setting the highest standards of governance, compliance, and security” for its clients.
Zodia Custody’s COO, Olivier Relandeau, said that the company’s mission is to “bridge the gap between traditional finance and the digital asset world”. He said that Zodia Custody will leverage its expertise and technology to offer “a seamless and secure custody solution” that meets the needs and expectations of institutional investors.
Zodia Custody is one of the first regulated digital asset custodians in the world. The company claims to have a robust operational framework that adheres to the same standards as conventional custodians. Zodia Custody also claims to have a comprehensive risk management system that covers legal, regulatory, operational, cyber, and fraud risks.
Zodia Custody’s launch in Singapore follows its recent expansion to Europe, where it obtained a license from the UK Financial Conduct Authority (FCA) in July 2021. The company said that it plans to continue growing its global footprint and adding more digital assets to its platform in the future.
…press release
Zodia Custody, a leading institution-first digital asset custodian whose shareholders include Standard Chartered, SBI Holdings and Northern Trust, has expanded its presence to Singapore. This makes Zodia Custody the first entity that is owned by, and partnered with, banks to provide digital asset custody services for financial institutions in Singapore.
Zodia Custody’s entry into Singapore comes at a pivotal moment for the business. The custodian 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 firm arrives at a time when local regulators are seeking to build a better-defined digital asset ecosystem, with the Monetary Authority of Singapore (MAS) recently presenting a new framework for the use of digital money, including central bank digital currencies and stablecoins. The MAS has also recently proposed draft legislation around how digital assets are safeguarded, paving 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.
“Singapore is no stranger to digital assets, having long been a hub for financial technology innovation,” said Julian Sawyer, CEO of Zodia Custody. “But even in a mature market, challenges remain. 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.”
The last year has seen a number of partnerships for Zodia Custody, including the likes of LMAX Digital, Hidden Road, BlockFills, and Blockdaemon. Driving these collaborations has been Zodia’s market-leading Interchange offering, providing institutions with additional layers of risk management, secure custody and solvency protection. In the wake of recent market turbulence, measures such as these are essential to facilitate institutional participation in the digital asset market without compromising robust safety requirements.
The expansion is the latest example of Zodia Custody’s global growth, which in the past year has included expanding 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 VASP in that market. Zodia Custody’s entry into Singapore also follows a successful US$36 million Series A raise.
Note: The names of Zodia CEO and COO were updated. Apologies for the mistakes.