Hassan Maishera
TL;DR
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Zodia Custody expands its operations in Hong Kong as it looks to become a leading cryptocurrency custody firm.
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The firm expanded its operations in Hong Kong due to increasing demand.
Zodia Custody Expands To Hong Kong
Zodia Custody, the crypto security firm owned by British banking giant Standard Chartered, will launch its services in Hong Kong. This is according to the latest report by CNBC earlier today.
The firm, which is backed by Standard Chartered, was launched in 2020 and is pushing to become a leading cryptocurrency custodian.
Julian Sawyer, CEO of Zodia, said the expansion to Hong Kong came due to increasing demand for cryptocurrency services by institutions in the region rather than retail customers. He said
“The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub. What we’re seeing is there are absolutely clients in all of those four markets who want to do things.”
The UK-headquartered firm is launching in Hong Kong following recent expansion in other jurisdictions in the Asia Pacific region.
This latest development comes a few weeks after the firm expanded its institutional services to Australia. At the time, the firm said that its platform would serve as a portal to connect institutions to digital asset exchanges. It would also enable the secure storage of crypto assets in bank-grade cold wallet storage.
The cryptocurrency custodian is backed by Standard Chartered, SBI Holdings and Northern Trust and is also registered with the UK’s Financial Conduct Authority.
