Standard Chartered-backed Zodia Custody now in Singapore.

Standard Chartered-backed Zodia Custody now in Singapore.

The Rise of Zodia Custody in the Blockchain Industry

The blockchain industry continues to gain traction and attract the attention of traditional financial institutions. In a recent announcement, Zodia Custody, a subsidiary of Standard Chartered, launched in Singapore to provide digital asset custody services for financial institutions. This move marks a rare marriage between a traditional financial institution and a digital asset firm in Singapore.

Zodia Custody has established a company called Zodia Custody (Singapore) Pvt. Limited and appointed Kai Kano, the former managing director of Bitgo, as its first CEO. Although custody in Singapore is currently not a licensed activity, Zodia Custody aims to position itself as a pioneer for when licensing becomes available. The company wants to be prepared to operate in a regulatory environment that provides assurance to its clients and allows it to invest in a market.

The entrance of Zodia Custody into the Singapore market reflects the company’s global ambitions. Besides Singapore, Zodia Custody is already registered in the U.K., Ireland, and Luxembourg, with an application pending in Japan. This global presence demonstrates the company’s commitment to establishing a strong foothold in major financial centers.

The partnership between Zodia Custody and Standard Chartered highlights the increasing interest of traditional financial institutions in the blockchain industry. Standard Chartered has been actively involved in blockchain initiatives, collaborating with the Monetary Authority of Singapore (MAS) and other financial institutions on a project called Project Guardian. This project aims to test asset tokenization, exploring the potential for blockchain technology to revolutionize traditional financial systems.

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Furthermore, Standard Chartered is developing an initial token offering platform to issue asset-backed security tokens listed on the Singapore Exchange. This initiative showcases the bank’s commitment to embracing blockchain technology and leveraging its capabilities to create innovative financial solutions. As the blockchain industry continues to mature, the involvement of established financial institutions like Standard Chartered is a strong indicator of its potential.

The rise of Zodia Custody also reflects the growing importance of digital asset custody services. As more financial institutions and individuals venture into the world of cryptocurrencies, the need for secure storage solutions becomes paramount. Custody services provide a secure environment for storing digital assets, mitigating the risk of theft or loss.

Zodia Custody’s entry into the market signifies the recognition of this need and aims to meet the demand for reliable custody solutions. With the expertise and backing of Standard Chartered, Zodia Custody is well-positioned to become a leading player in the digital asset custody space.

In conclusion, the launch of Zodia Custody in Singapore reinforces the blockchain industry’s increasing integration with traditional financial institutions. The collaboration between Zodia Custody and Standard Chartered demonstrates the growing interest in blockchain technology and its potential to transform the financial sector. As Zodia Custody expands its global presence and establishes itself as a pioneer in digital asset custody, it highlights the importance of secure storage solutions in the evolving landscape of cryptocurrencies. The entrance of key players like Zodia Custody cements the trajectory of the blockchain industry and sets the stage for further innovation and development.

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