Today Zodia Custody, one of Standard Chartered’s institutional digital asset subsidiaries, said it is launching a joint venture with SBI Digital Asset Holdings (SBIDAH), with SBI owning 51%. The newco will provide institutional digital asset custody in Japan, subject to regulatory approval.
SBI first disclosed that such a custody venture was in the works during an investor presentation in mid-2022, at the time mentioning that it might involve SBIDAH and SBI VC Trade, its cryptocurrency trading initiative. SBI and SC Ventures had already collaborated to create ecosystems for startups, including blockchain, crypto-assets, fintech and AI.
“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,” said Fernando Luis Vazquez Cao, CEO of SBI DAH. “We believe our partnership with Zodia is a unique global proposition to institutional clients.”
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