Zodia Custody, a banking giant Standard Chartered subsidiary, has officially launched its cryptocurrency storage services in Singapore. The move marks a significant development in the city-state’s intersection of traditional financial institutions and the burgeoning digital asset industry.
Establishment of Zodia Custody (Singapore) Pvt. Limited
Zodia Custody, a well-established player in the digital asset custody sector, has created a new entity named Zodia Custody (Singapore) Pvt. Limited to oversee its operations in the country. The firm has strategically appointed Kai Kano, former Managing Director of Bitgo, as its inaugural CEO.
While cryptocurrency custody is not yet licensed in Singapore, Zodia Custody aims to position itself as a frontrunner for compliance when regulations are introduced. The company recognizes the importance of being prepared for regulatory changes and providing assurance to its clientele.
Julian Sawyer, CEO of Zodia Custody, emphasized this approach, stating, “We want to be where there is a global financial Centre as soon as we have a regulatory roadmap that enables us to spend our dollars and invest in a market and that provides the assurance to our clients that we can operate there.”
Zodia Custody has extended its footprint beyond Singapore. The company is registered in the United Kingdom, Ireland, and Luxembourg and has a pending application in Japan, solidifying its global presence in digital asset custody.
Standard Chartered’s Crypto Ventures
Standard Chartered’s involvement in the cryptocurrency space extends beyond Zodia Custody. The bank has been actively collaborating with the Monetary Authority of Singapore (MAS) and other financial institutions through Project Guardian, an initiative aimed at testing asset tokenization. Additionally, Standard Chartered is in the process of developing an initial token offering platform to issue asset-backed security tokens for listing on the Singapore Exchange.
In a related development, another Standard Chartered-backed entity, Zodia Markets, recently obtained approval in principle to operate as an over-the-counter (OTC) crypto broker-dealer in Abu Dhabi, further signaling the bank’s commitment to embracing the evolving landscape of digital assets.
With Zodia Custody’s expansion into Singapore, the city-state’s position as a global fintech hub continues growing, attracting established financial institutions and innovative digital asset firms to its dynamic marketplace.