April 19, 2024
Zodia Expands to Hong Kong for Institutional Crypto Demand
Latest Cryptocurrency News

Zodia Expands to Hong Kong for Institutional Crypto Demand

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 in response to growing demand for crypto from institutions, according to Zodia CEO Julian Sawyer. Sawyer noted that crypto demand in Hong Kong is primarily driven by institutional investors, ideally matching Zodia’s crypto custody offering. He also mentioned that Hong Kong’s stance on crypto aligns with Zodia’s ambitions, as the local government ‘sees digital assets as the future and also wants Hong Kong to be a hub.’ Zodia’s launch in Hong Kong comes as the firm aggressively scales operations in Asia, opening services in Japan, Singapore, and Australia in recent months.

The report also indicates that Zodia will gradually roll out its services in Hong Kong, initially offering support for a limited number of cryptocurrency assets. The firm is reportedly in discussions with Hong Kong’s Securities and Futures Commission and Hong Kong Monetary Authority about becoming regulated in the financial district.

Image by Wikimedia Commons

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