Standard chartered-proprietary crypto platform Zodia launched in Hong Kong
Institutional cryptocurrency custody platform Zodia, owned by British bank giant Standard Chartered, Japan's SBI Holdings and financial firm Northern Trust, is expanding its services to Hong Kong.
According to a CNBC report on October 29, Zodia Security will launch services in Hong Kong due to growing demand for crypto from institutions, Zodia CEO Julian Sawyer said.
According to Sawyer, demand for crypto in Hong Kong is primarily driven by institutional investors rather than retail clients, ideally matching Zodia's crypto holding offering. He also mentioned that Hong Kong's stance on crypto is in line with Zodia's ambitions because the local government “sees digital assets as the future and wants Hong Kong to be the hub.”
Zodia's operations in Hong Kong come as the company ramps up its operations in Asia, opening services in Japan, Singapore and Australia in recent months.
“What we're seeing is that there are customers who want to do everything in those four markets,” Zodia's CEO said.
“We also see a lot of other customers and prospects outside of the four jurisdictions who want to come through the facility.”
According to the report, Zodia will gradually offer its services in Hong Kong, initially providing support for certain cryptocurrency assets. The firm is in talks with the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority about taking control of the financial district, the report said.
Related: Hong Kong Securities Regulator Updates Crypto Policies Citing Market Developments
Zodia did not immediately respond to Cointelegraph's request for comment.
As previously reported, Standard Chartered has announced plans to launch as a Bitcoin (BTC) institutional custody platform in late 2020. Launched in 2021, Zodia raised $36 million in Series A funding led by SBI Holdings in April 2023. The platform supports 38 cryptocurrencies including BTC, Ether (ETH) and stablecoins such as Tether (USDT) and USDC (USDC).
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