Zodia Custody, a subsidiary of Standard Chartered (STAN), has officially launched its cryptocurrency storage services in Singapore. The firm has established a new entity known as Zodia Custody (Singapore) Pvt. Limited and has appointed Kai Kano, the former managing director of Bitgo, as its inaugural CEO.
This move by Zodia Custody comes as Singapore witnesses a burgeoning interest in digital asset custody services, particularly among financial institutions. Notably, Zodia Custody has strategically entered the Singaporean market before it becomes a licensed activity, positioning itself as a frontrunner for when regulatory licensing is introduced. This proactive approach demonstrates the company’s commitment to staying ahead in the rapidly evolving cryptocurrency and blockchain space.
The establishment of Zodia Custody in Singapore signifies a unique convergence of traditional financial institutions with digital asset firms within the country. The subsidiary has already secured registrations in several jurisdictions, including the U.K., Ireland, and Luxembourg, while an application for registration in Japan is currently pending.
Zodia Markets
In a related development, Zodia Markets, another entity backed by Standard Chartered Ventures, recently received provisional approval to operate as an over-the-counter (OTC) crypto broker-dealer in Abu Dhabi. This demonstrates Standard Chartered’s commitment to expanding its presence in the digital asset industry and its willingness to explore opportunities in various global markets.
Standard Chartered has been actively collaborating with the Monetary Authority of Singapore (MAS) and other financial institutions on a groundbreaking initiative known as Project Guardian. This initiative aims to explore asset tokenization and its potential applications in the financial sector. Furthermore, Standard Chartered is in the process of developing an initial token offering platform that will facilitate the issuance of asset-backed security tokens, which will be listed on the Singapore Exchange.
