Zodia Custody has recently made moves to launch its platform in Singapore. They also are owned by banks, as well as being partnered with them. The company helps people store their crypto off of crypto exchanges. Crypto owners have recently identified problems with such exchanges, so the need for storing their crypto elsewhere has become more and more necessary. They started their launch this Tuesday, trying to profit off of a very fast-growing crypto market in Singapore. This makes Zodia the first such company to operate in the city-state.
Its position is as a subsidiary company of Standard Chartered. This is a UK bank with a great amount of presence all across the world in developing countries. They began Zodia in 2021, trying to attract larger institutions to participate in the crypto world. Another bank with ownership in Zodia is SBI Digital Asset Holdings. This is the part of the Japanese SBI bank that deals in crypto. It has made an agreement to also extend Zodia Custody to Japan. They have hopes they will be able to extend Zodia markets to these Asian areas as well.
The Future Plans of Zodia
This is all a part of its plan to move its services across the Pacific area in Asia. They specifically want to appeal to more mainstream large institutions that may want digital assets. Of course, they also would like access to more traditional clientele there as well. The clients could be hedge fund managers, brokers, traders, asset managers, and crypto exchanges.
Singapore is an area that has already been accepting crypto for a while now. As a part of its progress in the crypto world, it needs to also start offering such crypto custody providers. Zodia obviously wants a piece of this possible market.
Singapore already considers Standard Chartered to be a trustworthy company, streamlining the process of this launch considerably.
