Zodia Custody, the digital asset custody startup founded by Standard Chartered and Northern Trust, is disbanding its joint venture with Japan’s SBI, as first reported by Bloomberg. Together they planned to offer an institutional digital asset custody solution in Japan, with SBI owning 51% of the venture.
“This was a mutual strategic decision aligned with SBI Holdings’ priorities in the region,” Zodia Custody CEO Julian Sawyer said via email. “Importantly, SBI Holdings continues to be a significant shareholder of Zodia Custody, following their participation in our Series A fundraise in 2023. As a global custodian, our commitment to Asia is unchanged – with strong partnerships underpinning our presence in the region.”
Since SBI acquired 20% of Zodia Custody in the 2023 funding, the custody startup has received investment from National Australia Bank and Emirates NBD. In both cases it set up subsidiaries locally, including acquiring Tungsten Custody in the UAE.
However, there are details regarding the relationships of both Zodia Custody and SBI that could provide more context to this decision, beyond the publicly expressed resource limitations. It’s conceivable there’s a custody-related ménage à trois.
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