Zodia Custody and SBI Digital Asset Holdings launch JV for crypto asset custodian in Japan
“Zodia Custody is both proud and excited to be working with SBI DAH to help set up SBI Zodia Custody; the first tier 1 crypto asset custodian for institutions in Japan.”
Standard Chartered’s crypto asset subsidiary Zodia Custody and SBI Digital Asset Holdings have agreed to launch a joint venture in Japan that will act as a Japan-based crypto assets custodian, targeting institutional clients.
The joint venture, owned 51% by SBI DAH and 49% by Zodia Custody, will address a bottleneck that has previously held back interested institutions from participating in this space even though this is one of the most sophisticated crypto asset regulatory jurisdictions.
The deal remains subject to anti-trust and foreign direct investment clearances, and licences from the Japanese regulator, the Financial Services Agency.
“SBI Zodia Custody: the first tier 1 crypto asset custodian for institutions in Japan”
Julian Sawyer, CEO of Zodia Custody, says: “At Zodia Custody, we intend to partner with the best in the world to expand our institutional custody offering. Partnering with SBI DAH ensures the joint venture will offer gold-standard crypto asset custody services in Japan. Zodia Custody is both proud and excited to be working with SBI DAH to help set up SBI Zodia Custody; the first tier 1 crypto asset custodian for institutions in Japan.”
Fernando Luis Vazquez Cao, CEO of SBI DAH, comments: “We are delighted to have built a relationship with Zodia Custody that centres on building trust with our clients through financial strength, technological and operational expertise, and a shared alignment with market regulations for digital assets. We believe our partnership with Zodia is a unique global proposition to institutional clients, supporting our vision to become a pioneer and global trusted partner in the financial industry. We are excited with the path ahead of us.”
Alex Manson, SC Ventures, says: “This marks our second joint initiative with SBI since signing our MOU to accelerate portfolio expansion efforts as well as ecosystem building in May last year. It’s great to be working in partnership with SBI again; thank you to our partners for their pioneering efforts in ‘rewiring the DNA in banking and financial services’ along with us – and here’s to more exciting endeavours together in the near future.”
Zodia Custody, a subsidiary of Standard Chartered with backing from Northern Trust, is an institutional crypto asset servicing company based in London, offers services to clients across the globe – enabling institutions to invest safely and securely in crypto assets.