Standard Chartered’s crypto custody arm Zodia launches in Singapore

Zodia Custody, the cryptocurrency custodian owned by Standard Chartered, announced Tuesday that it is launching its services in Singapore for financial institutions, CNBC reported. Standard Chartered is a U.K.-based multinational banking conglomerate with total assets of US$838.7 billion as of July 2023.

See related article: Will Singapore steady the stablecoin ship?

Fast facts

Zodia reportedly said it is the first bank-owned entity to provide crypto custody services for institutional clients in Singapore.

Singapore is moving to the “next level of maturity” in regulating crypto and developing central bank digital currencies (CBDC), Zodia Chief Executive Officer Julian Sawyer told CNBC .

Last Wednesday, Zodia said it received an in-principle approval from Abu Dhabi to pursue regulated over-the-counter crypto broker-dealer activities in the United Arab Emirates capital.

Earlier in February, Zodia announced a joint venture with financial services firm SBI Holdings for custody services in Japan.

Standard Chartered launched Zodia in July 2021 with Chicago-based financial services firm Northern Trust.

Several major cryptocurrency firms with a global reach have recently expanded their presence in Singapore. Gemini, the cryptocurrency exchange founded by the Winklevoss brothers, announced in June that it’s growing its headcount in the city-state to operate as an expansion hub in the Asia-Pacific.

See related article: Singapore to require crypto firms to hold customer assets in a trust; restricts lending, staking by retail users

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• Source: https://bitrss.com/news/326713/standard-chartered-s-crypto-custody-arm-zodia-launches-in-singapore