- The Financial Services Agency in Japan must still approve the merger.
- The joint venture is owned 51% by SBI DAH and 49% by Zodia Custody.
Zodia Custody, a subsidiary of Standard Chartered, and SBI Digital Asset Holdings have come to an agreement to form a joint venture in Japan that would serve as a custodian for crypto assets for institutional customers in Japan.
SBI Digital Asset Holdings (SBI DAH) and Zodia Custody, which has the support of Standard Chartered and Northern Trust, are aiming to woo financial institutions that are interested in crypto investment and adoption but have been put off by the lack of reliable custodial services in the traditional finance (TradFi) sector.
Focusing on Institutional Clients
Even though this is one of the most competent crypto asset regulatory countries, the joint venture, owned 51% by SBI DAH and 49% by Zodia Custody, will overcome a barrier that has historically held back interested institutions from joining in this market.
Julian Sawyer, CEO of Zodia Custody, stated:
“At Zodia Custody, we intend to partner with the best in the world to expand our institutional custody offering. Partnering 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; the first tier 1 crypto asset custodian for institutions in Japan.”
The Financial Services Agency in Japan must still approve the merger and provide licenses before the deal can go forward. Zodia Custody, a Standard Chartered subsidiary supported by Northern Trust, is a London-based institutional crypto asset servicing firm serving customers all over the world. This service ensures that institutions may invest in cryptocurrencies without worrying about their security.
