Zodia Custody and SBI to establish crypto asset venture in Japan
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Zodia Custody and SBI to establish crypto asset venture in Japan 02 February 2023Japan Reporter: Lyndsey Young
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Crypto asset servicing provider Zodia Custody and SBI Digital Asset Holdings (SBI DAH) are to launch a joint venture in Japan.
The joint venture will act as a Japan-based crypto assets custodian, targeting institutional clients.
The venture will allow both groups to expand their existing markets presence and increase their ability to provide custody services and other ancillary services for crypto assets to institutional clients.
SBI and Zodia Custody will use their technical expertise in the crypto asset space as well as their operational knowledge to ensure the appropriate safeguarding of the institutional client鈥檚 assets.
51 per cent of the venture will be owned by SBI DAH and 49 per cent by Zodia Custody.
Zodia Custody is a subsidy of Standard Chartered and is also backed by Northern Trust.
Julian Sawyer, CEO of Zodia Custody, says: 鈥淧artnering with SBI DAH ensures the joint venture will offer gold-standard crypto asset custody services in Japan. Zodia Custody is both proud and excited to be working with SBI DAH to help set up SBI Zodia Custody 鈥� the first Tier 1 crypto asset custodian for institutions in Japan.鈥�
Fernando Luis Vazquez Cao, CEO of SBI DAH, adds: 鈥淲e believe our partnership with Zodia is a unique global proposition to institutional clients, supporting our vision to become a pioneer and global trusted partner in the financial industry. We are excited about the path ahead of us.鈥�
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