Zodia Custody, a digital asset custodian with shareholders including Standard Chartered, SBI Holdings, and Northern Trust, has announced its expansion into Singapore. The move makes Zodia Custody the first entity owned by banks to provide digital asset custody services for financial institutions in Singapore.
The decision to enter Singapore comes at a crucial time for Zodia Custody. The custodian aims to expand across the Asia-Pacific region to meet the increasing demand from institutions for bank-grade custody of digital assets. Additionally, the firm intends to respond to existing client demand for its services in the region.
Zodia Custody’s arrival coincides with the Monetary Authority of Singapore’s efforts to establish a well-defined digital asset ecosystem. The regulator recently introduced a new framework for the use of digital money, including central bank digital currencies and stablecoins. The proposed legislation will also enable custodial services to play a vital role in Singapore’s digital asset infrastructure.
CEO of Zodia Custody, Julian Sawyer, expressed optimism about the expansion into Singapore. Sawyer acknowledged that Singapore is already a hub for financial technology innovation but emphasized the challenges that remain. He highlighted Zodia Custody’s deep understanding of institutional needs and requirements and pledged to provide cutting-edge technology, bank-level compliance, and governance to accelerate the adoption of digital assets in the local ecosystem.
Over the past year, Zodia Custody has formed numerous partnerships with companies such as LMAX Digital, Hidden Road, BlockFills, and Blockdaemon. These collaborations have been driven by Zodia’s Interchange offering, which provides institutions with enhanced risk management, secure custody, and solvency protection. These measures are crucial for facilitating institutional participation in the digital asset market without compromising safety requirements.
The expansion into Singapore is part of Zodia Custody’s global growth strategy. The firm has already expanded into Japan through a joint venture with SBI Digital Asset Holdings and into Luxembourg, where it has been registered as a VASP (Virtual Asset Service Provider).
Zodia Custody’s entry into the Singapore market follows a successful Series A fundraising round, which raised $36 million. The funds will be used to further develop the company’s digital asset custody services and to support its expansion into new markets.
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