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Standard Chartered-Backed Zodia Launches Secure Crypto Services in Hong Kong

Zodia Custody, a crypto-security firm owned by Standard Chartered, is expanding its services to Hong Kong, aligning with the city's policy sentiments and rising institutional demand for secure cryptocurrency storage.

BSCN

October 30, 2023

Hong Kong Welcomes Zodia Custody

Zodia Custody, the crypto security firm owned by British banking giant Standard Chartered, is launching its services in Hong Kong, according to a recent report from CNBC.

The move is part of the company's deliberate move into the Asia-Pacific region to capitalise on institutional demand for secure cryptocurrency storage solutions. According to Zodia CEO Julian Sawyer, Hong Kong's unique financial landscape makes it an ideal market for the firm. Moreover, the Hong Kong government and regulators view digital assets positively, aiming to establish the city as a future digital asset hub.

Zodia is embarking on its Hong Kong expansion in a phased approach. At first, it will seek to provide services for Hong Kong clients in a limited set of crypto assets. Zodia is also in discussions with the SFC and Hong Kong Monetary Authority about becoming regulated in the financial district.

Zodia has been expanding aggressively in Asia. Indeed, the company opened its services in Japan, Singapore, and Australia in recent months. It is part-owned by Standard Chartered, Northern Trust and Japan’s SBI Holdings.

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