BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Standard Chartered-Backed Zodia Custody, Launches in Singapore

BlockNews Team by BlockNews Team
September 14, 2023
in Business, Finance, Media
Zodia Custody
Share on TwitterShare on Reddit
  • Zodia Custody, a subsidiary of Standard Chartered, has launched in Singapore to provide digital assets custody services to financial institutions. 
  • Zodia Custody plans to be a pioneer for digital asset custody in Singapore.

Zodia Custody, Pioneering Digital Asset Custody in Singapore

Zodia Custody, a STAN-backed cryptocurrency storage provider, has launched a new digital asset custody company in Singapore. 

The former managing director of BitGo, Kai Kano, is the CEO of the new company, Zodia Custody (Singapore) Pvt. Limited. 

Zodia Custody plans to provide its digital asset custody services to financial institutions in Singapore. 

Although digital asset custody is not yet a licensed activity, Zodia Custody has strategically positioned itself in Singapore pending the announcement of regulatory requirements for digital asset custodians. 

“We want to be where there is a global financial center 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 CEO, Julian Sawyer told Coindesk. 

Traditional financial institutions are now involved in meeting the demands of secure and advanced solutions for asset custody in light of the growing adoption of cryptocurrency worldwide. 

This has led to the rising number of digital asset providers and custodians in crypto-friendly countries, especially in Asia, backed by traditional financial institutions. 

Traditional banks are setting up subsidiaries and partnerships and seeking regulatory licenses worldwide in their plans for expansion and meeting market demand in the digital asset space. Financial institutions like Korea’s Hana Bank, France’s Societe Generale, Germany’s Deutsche Bank, and others are entirely in the business of providing digital asset services.

Like other subsidiaries and companies being launched into the digital asset sector, leveraging the influence of a traditional financial institution has its benefits. Zodia Custody’s influence in digital asset custody services was brought to fruition from a partnership between Standard Chartered and Northern Trust. 

Both financial institutions established Zodia Custody through a strategic partnership that expressed their mutual interest in interacting with the digital asset industry. 

Through Standard Chartered’s enormous brand reputation and influence in the finance ecosystem, Zodia Custody was able to harness the company’s influence to achieve its goals of expansion. 

In May 2023, SC Ventures, the investment arm of Standard Chartered, led Zodia Custody’s latest funding round, which closed at $36 million. 

SBI Holdings Limited, the crypto division of a Japanese conglomerate, SBI Japan, also participated in the funding round alongside other unnamed investors. 

The crypto asset custodian’s plans for expansion have begun, with its global footprint extending beyond Singapore. Zodia Custody boasts branches in Luxembourg, Abu Dhabi, Ireland, U.K., and a pending application in Japan. 

Standard Chartered-Ventures-backed digital asset marketplace Zodia Markets was granted an approval in principle to provide over-the-counter services in Abu Dhabi.  

Standard Chartered is collaborating with the Monetary Authority of Singapore (MAS) and other financial platforms on Project Guardian, an initiative based on testing asset tokenization. According to Coindesk, Standard Chartered is developing an initial token offering for issuing asset-backed security tokens to be listed on the Singapore Exchange.

Tags: SingaporeStandard CharteredZodia Custody
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

bitcoin(s)
Crypto

US Lawmakers Call On SEC Chair To Approve Spot Bitcoin ETFs ‘Immediately’

September 30, 2023
Uniswap-logo
Business

Uniswap Seeks Funding Approval to Bolster Development and Research Initiatives

September 30, 2023
Ripple Logo on Phone
Business

Ripple Retracts Fortress Trust Acquisition, Keeps Future Collaborations Open

September 30, 2023
Eth logo
Crypto

Ethereum Futures ETFs Could Start Trading Next Week — Bloomberg Analyst

September 30, 2023
Paysafe logo on Billboard
Business

Binance Loses Key European Banking Partner Paysafe, Urges Shift to USDT

September 30, 2023
Around the Block
Crypto

Around The Block: Sept 29 Week in News

September 30, 2023
Load More
Next Post
Komainu crypto

Ledger-Backed Custodian, Komainu, Adds Hidden Road to Crypto Collateral Management Platform

Startale Labs

Sony Network Communications Partners with Startale Labs to Build Blockchain in Areas of Web3 Infrastructure

coinex

CoinEx Hot Wallets Lose Over $55 Million in Cryptocurrency in an Exploit

Related News

Aragon crypto

Open Source Framework, Aragon, Launches Defensive Measures Against Recent Attack

May 12, 2023
coin center

Crypto advocacy group, Coin Center, calls out a recent indictment of Tornado Cash, alleging not enough clear violations.

August 25, 2023
stoner cats

SEC Continues Its Pursuit of NFTs as Securities with the Latest Charge Against Stoner Cats

September 13, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter Instagram TikTok
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • US Lawmakers Call On SEC Chair To Approve Spot Bitcoin ETFs ‘Immediately’ September 30, 2023
  • Uniswap Seeks Funding Approval to Bolster Development and Research Initiatives September 30, 2023
  • Ripple Retracts Fortress Trust Acquisition, Keeps Future Collaborations Open September 30, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?