Standard Chartered backed-Zodia Custody expands in Hong Kong: report

Zodia Custody, a Standard Chartered-backed digital asset custodian, is launching its services in Hong Kong.

CNBC reported today that the UK-headquartered firm is making a foray into the Hong Kong market, following recent expansion in other jurisdictions in the Asia Pacific region.

Julian Sawyer, chief executive officer of Zodia, told the media outlet that Hong Kong’s large demand from institutions makes it an ideal market to target.

Expansion in Asia Pacific

Earlier this month, Zodia said that it had expanded its institutional services to Australia. The company said in a statement at the time that its platform will serve as a portal connecting institutions to digital asset exchanges and enabling the secure storage of their assets in bank-grade cold wallet storage.

Last month, Zodia announced that it has started to offer institutional-grade digital asset services in Singapore to tap into the country’s growing digital asset market.

Zodia Custody, backed by Standard Chartered, SBI Holdings and Northern Trust, is also registered with the UK’s Financial Conduct Authority.

Hong Kong in June launched its crypto retail trading licensing scheme in an attempt to position itself as a major crypto hub in Asia. Earlier this month, Hong Kong’s Securities and Futures Commission said that it has updated its regulatory framework with two additional investor protection measures.