- Zodia Custody is making significant strides in Singapore’s rapidly growing digital asset custody sector.
- Zodia Custody’s global growth strategy includes strategic partnerships with industry leaders and expansion into Japan through a joint venture.
Zodia Custody, a subsidiary of Standard Chartered (STAN), is entering into a strategic partnership with the developer of the Polkadot blockchain. In collaboration with Parity Technologies, the company aims to extend institutional support to the Polkadot ecosystem by providing robust custody services for digital assets.
Additionally, the partnership intends to introduce staking services for DOT, Polkadot’s native token, to enhance the network’s adoption among financial institutions.
Zodia Custody’s Success in Singapore’s Digital Asset Scene
Additionally, Zodia Custody is making significant strides in Singapore, solidifying its position in the rapidly growing digital asset custody sector.
Financial institutions are increasingly seeking robust digital asset custodianship, and Zodia is well-positioned to meet this demand while also addressing the existing needs of the region. This expansion aligns with the Monetary Authority of Singapore’s (MAS) efforts to establish a well-defined digital asset ecosystem, including regulating digital currencies and protecting digital assets.
Crucial Role in Singapore’s Digital Asset Infrastructure
MAS’s recent introduction of a regulatory framework covering central bank digital currencies and stablecoins underscores Singapore’s commitment to becoming a digital asset hub. Zodia Custody’s core principle of asset segregation positions it as an ideal partner to cater to institutional requirements for rigorous risk management and governance controls within Singapore’s jurisdiction. This move dovetails with Singapore’s vision of incorporating custodial services as an integral part of its digital asset infrastructure.
Julian Sawyer, CEO of Zodia Custody, remarked:
Singapore is a well-established hub for financial technology innovation. However, challenges persist even in mature markets. Established by Standard Chartered Ventures, we possess an in-depth understanding of institutional needs, enabling us to enter the digital asset space and thrive within it.
Over the past year, Zodia Custody has forged strategic partnerships with industry leaders, including LMAX Digital, Hidden Road, BlockFills, and Blockdaemon. Zodia’s market-leading Interchange offering has forged these partnerships to empower institutions with advanced risk management, secure custody, and solvency protection.
Global Expansion and Funding Success
Zodia Custody’s expansion into Singapore marks a significant milestone in its global growth strategy. Over the past year, the custodian has ventured into Japan through a joint venture with SBI Digital Asset Holdings and into Luxembourg, registered as a Virtual Asset Service Provider (VASP). This recent move follows a triumphant US$36 million Series A fundraising round, highlighting robust investor confidence in Zodia’s vision and capabilities.
Zodia Custody’s presence in Singapore signifies a substantial leap forward in the digital asset custodianship landscape of the Asia-Pacific region. The company is poised to play a pivotal role in shaping the future of institutional digital asset management, providing the necessary infrastructure, technology, and security to meet the evolving demands of financial institutions in Singapore and beyond.
Singapore continues establishing itself as a digital asset hub within its financial ecosystem. Zodia Custody’s commitment to top-tier custody services and its strategic alliances with prominent financial institutions make it a formidable player in digital asset custody. The journey to becoming a key pillar of Singapore’s digital asset infrastructure is underway for Zodia Custody, setting a new standard for security and reliability in the digital asset custody sector.
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