Zodia Custody, a crypto security company owned by the British banking giant Standard Chartered, is expanding its services to Hong Kong.
This move represents the UK headquartered firm’s ongoing efforts to establish a stronger presence in the Asia-Pacific region. Established in 2020, Zodia Custody specializes in assisting financial institutions in safely storing their cryptocurrency assets.
Zodia is gradually expanding its presence in Hong Kong. Initially, it aims to offer its services to clients in Hong Kong for a restricted range of cryptocurrencies.
According to Julian Sawyer, the CEO of Zodia, Hong Kong’s crypto market is primarily influenced by institutional interest rather than individual retail investors. This focus on institutional clients aligns well with Zodia’s target customer base, making it an ideal market for the company to enter.
Sawyer said, “The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub.”
Zodia has been rapidly growing its presence in Asia. In the recent months, Zodia opened its services in Japan, Singapore, and Australia in the past few months. Notably, Zodia is partially owned by Standard Chartered, Northern Trust, and Japan’s SBI Holdings.
Zodia is currently in discussions with both the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) for regulatory approval within the financial sector of Hong Kong.
Hong Kong is the final destination on Zodia’s journey through the Asia-Pacific region, as mentioned by Sawyer.
“What we’re seeing is there are absolutely clients in all of those four markets who want to do things,” he added.