Oct 30, 2023

Hong Kong Launches Zodia, a Crypto Platform Owned By Standard Chartered

Zodia, the Standard Chartered-owned crypto platform, launches in Hong Kong.
Standard Chartered-owned crypto platform Zodia launches in Hong Kong

Zodia Expands Crypto Custody Services to Hong Kong

Zodia, the institutional cryptocurrency custody platform co-owned by British banking giant Standard Chartered, Japanese SBI Holdings and the financial firm Northern Trust, is expanding its services to Hong Kong. Zodia Custody is launching services in the city in response to the increasing demand for crypto from institutions, Zodia CEO Julian Sawyer said, according to a CNBC report on Oct. 29.

The demand for crypto from Hong Kong is mainly from institutional investors, which is a perfect fit for Zodia’s crypto custody offering. Moreover, the local government of Hong Kong is supportive of digital assets, as it sees them as the future and wants Hong Kong to be a hub. This aligns with Zodia’s ambitions.

Zodia’s launch in Hong Kong is part of its aggressive scaling operations in Asia, which includes providing services in Japan, Singapore, Australia, and now Hong Kong. This provides users with Shiba crypto, Luna Classic crypto, Terra Luna crypto, Reddit crypto, Hot crypto today, Optimism crypto, Harmony crypto, and Media crypto.

Zodia to Roll Out Crypto Services in Hong Kong

According to the report, Zodia, a platform that supports 38 cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Tether (USDT) and USDC (USDC), will gradually roll out its services in Hong Kong. Initially, the firm will offer support for a limited number of crypto assets. The firm is reportedly in discussions with the Securities and Futures Commission and Hong Kong Monetary Authority about becoming regulated in the financial district, the report notes.

“What we’re seeing is there are absolutely clients in all of those four markets who want to do things,” said Zodia CEO, adding that the company raised $36 million in a Series A funding round led by SBI Holdings in April 2023.

Standard Chartered previously announced plans to launch an institutional custodial platform for cryptocurrencies such as Bitcoin in late 2020. Zodia did not immediately respond to Cointelegraph’s req for comment.

Share this article