Standard Chartered-backed Zodia Custody launches in Singapore

Zodia Custody, a subsidiary of Standard Chartered, launched in 2021 with Northern Trust, is settling roots in Singapore. Why Singapore? The city-state is a financial center and Zodia is excited to be a part of it.

Here's a quick rundown on Zodia Custody:

• Focus: Zodia is a custodian for institutional crypto, providing a safe haven for digital assets.

• Unique Selling Point: This venture marks Zodia as a pioneer in Singapore - the first-ever bank-partnered and bank-owned digital asset custodian.

• Partnerships: Zodia has won over influential collaborators, including the crypto arm of Japanese bank SBI, who are also launching a custody business in Japan as part of the deal.

• Expansion Plans: The firm is not just limiting itself to Singapore and Japan, it's setting sights on the larger Asia-Pacific region, ready to meet the increasing institutional demand for secure crypto custody.

• Leadership: Zodia's CEO, Julian Sawyer (also a Starling Bank co-founder), has highlighted Singapore's appeal, noting its evolving rules for crypto assets, and development of central bank digital currencies. Currently, Singapore has an impressive 19% crypto ownership rate according to market research firm Statista.

• Hurdles: Despite a 21% drop in crypto-related funding, Singapore's crypto ecosystem has procured an astounding $1.2B in 2022.

The company's portfolio is highly diversified, encompassing hedge funds, high-frequency traders, brokers, exchanges, and asset managers.