Zodia Custody brings digital asset custodial solution to Singapore

Rick Steves

“Singapore is no stranger to digital assets, having long been a hub for financial technology innovation. But even in a mature market, challenges remain.”

Zodia Custody is making waves as it establishes its presence in Singapore.

The distinguished institution-first digital asset custodian is positioning itself as the first entity owned and partnered with leading banks, including Standard Chartered, SBI Holdings, and Northern Trust, to offer digital asset custody services for financial institutions in Singapore.

The move aligns with Zodia Custody’s ambitious growth plans in the Asia-Pacific region, catering to the surging demand for bank-grade custody of digital assets.

Custodial services as an integral part of Singapore’s digital asset infrastructure

Zodia Custody’s entry into Singapore comes at a pivotal moment in its trajectory. The custodian is responding to the growing appetite among institutions for robust digital asset custodianship while simultaneously addressing the existing demand for its services in the region.

This expansion coincides with Singaporean regulators’ efforts to develop a well-defined digital asset ecosystem. The Monetary Authority of Singapore (MAS) recently introduced a framework encompassing the use of digital money, including central bank digital currencies and stablecoins.

Furthermore, MAS has proposed draft legislation outlining the safeguarding of digital assets. This paves the way for custodial services to become an integral part of Singapore’s digital asset infrastructure. Zodia Custody, rooted in the principle of asset segregation, is well-positioned to meet institutional needs for rigorous risk management and governance controls within the jurisdiction.

Cutting-edge technology, bank-level compliance, and governance

Julian Sawyer, CEO of Zodia Custody, said: “Singapore is no stranger to digital assets, having long been a hub for financial technology innovation. But even in a mature market, challenges remain. Having been created by Standard Chartered Ventures, we have a deep understanding of institutional needs and requirements not just to enter the space, but thrive within it. As we engage with the local ecosystem, we’ll be providing market participants with cutting-edge technology, bank-level compliance, and governance to accelerate their digital asset adoption journeys.”

Over the past year, Zodia Custody has forged several strategic partnerships with industry leaders like LMAX Digital, Hidden Road, BlockFills, and Blockdaemon. These collaborations have been driven by Zodia’s market-leading Interchange offering, which provides institutions with enhanced risk management, secure custody, and solvency protection. In an era of market volatility, such measures are crucial to facilitate institutional participation in the digital asset market while upholding stringent safety requirements.

The expansion into Singapore marks the latest milestone in Zodia Custody’s global growth strategy. In the past year, the custodian has expanded into Japan through a joint venture with SBI Digital Asset Holdings and into Luxembourg, where it is registered as a Virtual Asset Service Provider (VASP). The move into Singapore follows a successful US$36 million Series A fundraising round.

Zodia Custody’s presence in Singapore represents a significant leap forward in the world of digital asset custodianship in the Asia-Pacific region. The firm is poised to play a key role in shaping the future of institutional digital asset management.

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