September 14, 2023
By Sharan Kaur Phillora
Leading digital asset custodian Zodia Custody, has announced its expansion into Singapore, furthering its ambition for growth across the Asia-Pacific region. With significant backing from shareholders like Standard Chartered, SBI Holdings, and Northern Trust, this expansion uniquely positions Zodia Custody as the inaugural digital asset custody service in Singapore that is both owned by and affiliated with established banking institutions.
Here’s what we know:
The move is timed impeccably, aligning with increasing institutional demand for bank-grade digital asset custodianship in the APAC region. Simultaneously, Singapore has been actively developing its digital asset regulatory landscape. The Monetary Authority of Singapore (MAS) recently introduced a contemporary framework encompassing digital money use, such as central bank digital currencies and stablecoins. Following up, draft legislation on the protection and handling of digital assets has been tabled, emphasizing the integral role custodial services play within Singapore’s evolving digital asset infrastructure.
Julian Sawyer, CEO of Zodia Custody, highlighted Singapore’s stature in the fintech sector, stating, “Singapore’s progressive stance on digital assets and its history as a fintech nexus makes it an apt location for our services. Our genesis from Standard Chartered Ventures empowers us with a profound comprehension of institutional imperatives. We aim not only to permeate but excel in this domain, supplying industry players with advanced technology, stringent compliance, and optimal governance to expedite their digital transition.”
Over the last year, Zodia Custody has solidified several strategic partnerships, such as those with LMAX Digital and Blockdaemon. A crucial driver behind these alliances is Zodia’s Interchange offering, emphasizing risk management, secure custody, and solvency safeguards.
This expansion is consistent with Zodia Custody’s trajectory of global proliferation. Just a year ago, the firm ventured into Japan and Luxembourg. Furthermore, following a successful Series A fundraising amounting to US$36 million, their entrance into Singapore is a testament to their vision.
Zodia Custody’s proactive approach is evident in its global outlook. Having already established operations in countries like the UK and Luxembourg, they await approval in Japan. Concurrently, an affiliate, Zodia Markets, recently procured provisional clearance to operate as an OTC crypto broker-dealer in Abu Dhabi.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
